CAMELIA GROVE TO SELL FIRST TIME IN 36 YEARS

In On the Market by Clyde MooneyLeave a Comment

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After three and a half decades at the elegant Camelia Grove, industry stalwart Adella Wright Young is ‘calling time’ on the industry and divesting her picturesque Alexandria pub.

The Camelia Grove Hotel stands resolutely at the corner of Henderson Road and Alexander Street in inner west haven Alexandria, close to Australia Technology Park, with around 18,000 workers and 700 car spaces, and ambitious residential projects including the Redfern to Eveleigh Corridor, Ashmore Estate master plan, and Waterloo Metro Quarter & Estate, slated to bring a combined 9,000+ new apartments.

The pub offers a cosy public bar with single service operation, bistro, 19 gaming entitlements, manager’s accommodation, beer garden and alfresco seating.

Included in the sale is the adjacent five-bedroom terrace on 178sqm, bringing the combined holding to 751sqm.

Ms Wright Young first bought the Camelia lease back in 1983 from Tooth and Co, having moved to Sydney from the bush, and has been considering returning to her roots.

“After so many years it is bittersweet to be selling the hotel that has been my home and business for so long,” she says. “But I still work most days, so selling will give me free time to do other things and spend time with my family.”

For the past year she has been in discussion with HTL Property over the timing of her exit strategy, and has now listed the Camelia with HTL’s Blake Edwards and Sam Handy.

Figures show the pub derives the bulk of its revenue through food and beverage, and the gaming operation, currently ranked #785 in NSW, holds aged machines with no smoking solution, CRT or TITO.

Its potential in a thriving sector will likely see a sale price circa $16 million.

“The combination of a shortage of prime opportunities in the Sydney market, and a site like this with such raw potential located in a growing and dynamic part of the city, is expected to attract huge interest from the market,” replied Edwards.

The freehold going concern of the Camelia Grove Hotel is being sold via Expressions of Interest, closing Thursday, 31 October.

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