Hickey and Negas have sold their Grosvenor Hotel in Waterloo for north of $5 million to some industry newcomers looking to get in on the action of Sydney’s thriving inner-west pub scene.
Former CCA executive Denis Hickey and businessman Warwick Negus bought the corner pub from Riversdale in 2010, and passively listed it last year to see what price it would attract.
Hickey told PubTIC at the time “All good things must come to an end,” but stressed they were in no hurry to sell.
“The market is strong, but the offer will have to be substantial for us to bother leaving.”
Occupying a 303 m² bock in Waterloo, about three kilometres from the CBD, the Grosvenor freehold going concern comprises a bar, bistro, gaming room with 12 EGMs, and eight accommodation rooms.
Significantly, the Central to Eveleigh Urban Transformation Project is underway and slated to involve projects over the next 15 years that will allow for a massive increase in resident density.
The Grosvenor was marketed by Ray White Hotels’ Blake Edwards. While he could not reveal the identity of the investment buyers, he said there was no shortage of interest.
“[It] was particularly well received, because of its price point relative to other Sydney metropolitan hotels currently available for sale, and the potential upside in the adjacent redevelopment of the Waterloo and Redfern housing estates.
“We enjoyed over 67 enquiries and received eight genuine offers to purchase, which clearly demonstrates the continuing strength of the hotel market.”
It is understood the fresh and eager new owners will be encouraging management to stay on and ease them through both the transition in ownership and their entry to the industry.