The dynamic Good Beer Company has listed its Surry Hills rocket, the Dove & Olive, ahead of “redefining” its large-format DOG.
After developing the Surry Hills pub it purchased mid-2012 into one of Sydney’s most awarded and thriving food & bev destinations, the Good Beer Company (GBC) is divesting the freehold going concern to free up capital for the transformation of its recently-acquired DOG Hotel (formerly Duke Of Gloucester), in Randwick.
The Dove & Olive is located on a prominent corner in Surry Hills – the preeminent food & bev precinct in Sydney – and GBC has built it into a craft beer destination, with two-dozen rotating taps and a never-ending procession of events, such as the regular Craft Beer Fight Club nights.
GBC managing director John Azar told PubTIC the DOG will similarly see an “impressive new offering” incorporating many of the successes of the Dove & Olive, and sister venue the Keg & Brew.
“We are building three state-of-the-art kitchens,” said Azar. “We have a magnificent new bistro restaurant that will open its doors in early September.
“We are also in the process of building a courtyard café, as well installing an unprecedented 59 beer taps. We are redefining this pub. The DOG Hotel will be a new destination for the Eastern Suburbs.”
The city-fringe Dove & Olive is a pocket dynamo, consistently generating over $100,000 in weekly revenues across food, bars and 12 EGMs, and likely to benefit greatly from the Sydney Metro light rail currently under construction that will post a station metres from the hotel.
“The Dove is unique in that it will easily deliver astute purchasers a 10 per cent plus yield at purchase … a rarity in the food and beverage-centric hotel space, with almost no risk and on a big revenue base,” offered JLL national director John Musca, who has been appointed to market the hotel.
“So it’s really a big hotel opportunity on a manageable footprint.”
Recent sales of other Surry Hills properties, including Ray Reilly’s Trinity Bar to Peter Calligeros, could see the D&O achieve around $14 million for the vendors.
The Dove sale is being conducted via an Expressions of Interest campaign, closing Thursday 26 August, 2016.
