Greg Maitland lists another Adelaide pub
Greg Maitland is continuing to reweigh his Adelaide pub portfolio offering the historic Republic Norwood freehold, in the inner east.
The 3327 square metre holding at 120 Magill Road, on the south west corner of Osmond Terrace, also with frontage to Stephen Street, is expected to collect about $20 million, according to sources.
As well as the renovated pub – with 32 electronic gambling machines – the property has development upside, with a former scheme for a six storey residential and office building to replace part of the car park, diagonally adjacent to Richards Park.
Mr Maitland’s GM Hotels has held Republic Norwood in a trust, also with, amongst other assets, the Paradise Hotel, in Paradise, the Pier Hotel (Glenelg) and St Francis Winery, actually a pub, at Reynella.
Over the past 18 months the executive has also divested 11 Adelaide hotels co-held with Fortitude Investment Partners, all up banking c$160m.
One of those assets – the freehold going concern to the Emu Hotel at Morphett Vale – traded to ALH and Charter Hall for $32m, a record South Australian pub price.
Another, The Lodge Hotel in Brahma Lodge, sold to Harvest Hotels in its maiden South Australian property deal.
Norwood is about three kilometres from the CBD.
Republic Norwood
The recently refurbished Republic Norwood contains a restaurant, sports bar, function spaces, dining rooms and a beer garden.
The property is also permitted for eight more EGMs (story continues below).
JLL’s Will Connolly and Roger Klem with TJ Board’s Terry Board are the agents.
“The Republic will present favourably to multiple markets with various acquisition strategies, with little capex required for incoming operators and a substantial platform for parties with a view to potentially repurpose,” Mr Connolly said.
The Suburban Business zoned holding is also near Buildtec and Catcorp’s Norwood Green – a mixed-use project nearing completion with 200 apartments, 33 townhouses, a town centre and retail, including a recently completed Aldi supermarket.
It is also close to the former Otto’s Timber & Joinery site – which spans 8300 sqm at Stepney – which Amulet Property is replacing with 62 townhouses.
“Prime corner sites that offer high levels of amenity are being targeted by low and medium density developers throughout Norwood and Kent Town,” Mr Klem said of Republic Norwood.
“We expect these developers will seek to unlock the full potential of the Republic Norwood site as just one option for the sale,” he added.
The offering comes 14 months since the Adrian and Leo Saturno – known locally as the Booze Brothers – divested eight Adelaide hotels for over $70m, marking their retirement from the industry.
Seven of those traded to ASX-listed Hotel Property Investments which struck a deal for Australian Venue Co to operate them.
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