New owner for popular Chippendale hotel
The Kanellos family has sold the leasehold to Chippendale’s historic Rose Hotel, about 10 months after launching a campaign to divest the freehold going concern.
Husband-and-wife publicans Colm and Peta O’Neill are the buyers.
An interior refurbishment is planned.
The Rose Hotel
On 485 square metres at 52–54 Cleveland Street, on the north west corner of Shepherd, was developed in 1877 originally as The Native Rose Hotel.
JLL’s Kate MacDonald and Greg Jeloudev represented the Kanellos family.
“Initially marketed as a freehold going concern opportunity, a business sale was negotiated following the on-market campaign in a move that better suited the Kanellos family’s objectives,” Ms MacDonald said.
“This enables continued ownership of the land and improvements, providing a robust passive income stream for the family.”
End of an era
The Kanellos family paid $5.4 million for the Chippendale freehold in late 2006 operating the venue since.
The two-level pub derives income from bar trade -including 30 rotating craft beer taps – a restaurant and gaming room with nine electronic gaming machine entitlements.
“The sale marks the end of an era for the Kanellos family, who have been custodians of this popular city-fringe establishment for nearly two decades,” Ms MacDonald said.
“Colm and Peta’s vision aligns with the venue’s community-focused heritage while bringing contemporary hospitality expertise.”
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