Ashton Waugh has purchased Waterloo’s Grosvenor Hotel with refurbishment plans.
The triple storey property on 304 square metres at 153 Phillip Street, at the south west corner of Morehead is costing $8.5 million.
The vendor, an offshore investor, paid $5.3m in 2017.
That seller, CCA executive Denis Hickey with business partner, Warwick Negus, picked it up from Paddy Coughlan’s Riversdale Group seven years earlier.
With a midnight liquor licence, Grosvenor Hotel includes a bar, bistro and gaming room with eight electronic gambling machines.
There are also eight accommodation suites.
The property is adjacent to a planned affordable housing project and near the proposed $22m Waterloo Estate, which will contain about 3000 dwellings.
“The Waterloo catchment is set to undergo an exciting transformation over the next 10-20 years, and the buyers were motivated and deliberate regarding securing a trading platform so close to many large scale urban renewal projects” HTL Property’s Blake Edwards, who marketed the freehold going concern with Sam Handy, said.
The deal comes a month since the Laundy family and Aaron Crinis outlaid a speculated $11m for Redfern’s Woolpack Hotel.
In May, Jon Adgemis’ JAGA Group paid Oscars Hotel c$17m for The Strand Hotel, in Darlinghurst (story continues below).
Parlour Group also recently purchased Paddington’s Hotel Hollywood.
Waugh builds portfolio
Two months ago, Mr Waugh acquired the freehold going concern of Kings Cross’ New Hampton Hotel.
Last year the publican paid $2.25m for Tamworth’s Joe Maguire Hotel near the Tudor Hotel, which he also controls.
Elsewhere in regional New South Wales, the businessman owns the Narellan Hotel and Ettalong Beach Hotel.
In 2017, Mr Waugh sold Paddington’s Four in Hand Hotel to John Azar’s Good Beer Co for $7m.
That buyer offloaded the property last November for $8.25m.
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