Long-time owner Donna Asensio has offered up the quirky Kuleto’s hotel on King Street in inner west Newtown, holding plenty of upside for a hands-on operator.
Formerly known as the Milton Hotel, the three-storey venue is at the northern end of King Street, proximate to the Marlborough, Newtown and Coopers hotels, around six kilometres south-west of the Sydney CBD.
It is a prominent building with three street frontages and trading on all levels, counting a rootop beer garden with midnight approval, and valuable 3am extended trading – Monday to Saturday – on both the ground and first floor.
Zoned green SA2, there is also scope to lease or buy gaming machines for the venue.
For forty-four years it has been the property of Melbourne-based hotelier Donna Asensio, who has operated it under management.
In late 2022 she tried the market, the pub representing a strong entry level opportunity in a highly coveted and tightly held precinct. And while a buyer was found and contracts exchanged for circa $7.25 million, the onset of the interest rate hikes curtailed the deal.
Asensio has since undertaken some cosmetic renovation and refurbishment of the hotel, located in a suburb known for its eclectic vibe that is home to around 40k residents, and destination for around 50k weekly visitors.
Trading has been limited, with Kuleto’s typically closed Monday, Tuesday and Wednesday, not opening until 4pm on the other days and rarely closing after midnight.
Agents suggest it is ripe for repositioning with a food and beverage proposition suited to the demographic, and hint of a committed vendor, who “will meet the market”.
“An incoming operator will undoubtedly benefit from any of several blue sky opportunities at Kuleto’s and quickly build value into the asset,” says HTL Property’s Sam Handy, marketing the hotel with colleague Blake Edwards.
The freehold going concern of Kuleto’s at Newtown is being sold via Expressions of Interest, closing Wednesday, 14 August.
