Adella Wright-Young has sold Alexandria’s Camelia Grove Hotel after 38 years.
The three level venue was reported to have traded 12 months ago for c$16 million.
The most recent deal, worth $13.75m, is with local developer Jaga Group which controls other Sydney pubs.
Ms Wright-Young bought the property at 146-150 Henderson Road from Tooth & Co to occupy.
“After so many years it is bittersweet to be selling the hotel which has been not only my business but my home for so very long,” the publican said.
“The patrons and local community become close family and friends”.
The hotel is permitted to hold 19 electronic gambling machines.
HTL Property’s Blake Edwards and Sam Handy brokered its sale (story continues below).
Camelia Grove Hotel
Camelia Grove Hotel and a five bedroom terrace home cover a 750 square metre B4 Mixed Use zone corner site which would allow for 18 metre (circa-six level) structures.
It is diagonally adjacent to the office marketed as Australia’s first “groundscraper” – which also rises about that height.
Alexandria is four kilometres south of the city.
“The combination of a shortage of prime opportunities in the Sydney market, and a site like this with such raw potential, was always expected to attract huge interest from a wide variety of buyer profiles,” Mr Edwards said.
“HTL Property anticipate the Sydney metropolitan mid-market to be a very active sub-segment this year and have commensurately increased our focus and resources in order to deliver these kind of outcomes to our valued clients,” Mr Handy added.