Glebe’s Ancient Briton is poised for new life, as the Seeto family relinquish the inner west pub in an appropriately animated January.
Known as The AB, the multi-level pub occupies a 481sqm block on the corner of Glebe Point Road and Bridge Road, making it perhaps the precinct’s most prominent watering hole.
For nearly 25 years it has been owned by the private Seeto family, operated by Victor Seeto. At some stage it earned accolade by a Sydney tabloid for having ‘the coldest beer’, which was proudly emblazoned on the awning.
But its reliance on proximate office workers and city dwellers brought major disruption during COVID, and since the original shutdowns it has merely ticked over as a ‘low energy’ gaming venue, with most trading areas not in operation.
In 2022 a DA was secured to trade from 5am, and revive its reputation as an early opener.
Armed with the upside proposition, bolstered by the increased traffic projected courtesy of the M4-M5 and Rozelle interchange, the family listed the asset last October, with marketing literature noting the upside available in all departments.
As vendor, Victor Seeto says the family is happy and will continue to be part of the precinct, and notes the agents’ work in securing the sale.
“We’re most pleased with the outcome.
“Our family has enjoyed a long and rewarding relationship with the tight-knit Glebe community, and we have cherished each interaction and will continue to do so.”
While price and buyer were not disclosed, the inner west freehold going concern is thought to have sold for a figure in the low 20s.
The sale campaign was conducted through HTL Property’s Sam Handy, Dan Dragicevich and Andrew Jolliffe, who have already announced several sales for this year, following a record-setting year for pub real estate in 2022, and suggest pubs continue to attract capital looking for the surety of reliable revenue.
Last year Marcello Colosimo’s Momento Group took a big presence in the suburb, picking up Glebe’s Friend in Hand Hotel in May, then Nag’s Head Hotel in July, both through HTL.
“The AB is our 4th NSW hotel announcement already in January,” notes Dragicevich.
“It highlights the market confidence so prevalent already in 2023.”
