The stately Camden Hotel in Sydney’s burgeoning southwest has been sold by the McGrath family to Marlow Group GM Paul Camkin and freeholder Estelle Kremer for a reported $12 million.
Located within the main commercial and retail precinct of Camden, the Hotel resides on a 1,352sqm site adjacent to the 180-space Larkin Place car park.
The operation includes public bar, gaming with 14 machines, unused accommodation rooms upstairs, and a 2am liquor licence, which is the latest closing time in the precinct.
It reports annual revenue in excess of $4 million (pre COVID-19 closures), amid strong-performing nearby competitors such as the Royal, and Plough & Harrow hotels.
Garry and Jim McGrath have owned the Camden for nearly sixteen years. They still hold a stable of North Sydney and CBD hotels, under the Sonenco Hotels banner.
“We’ve enjoyed our long association with the Camden area and have witnessed it’s emergence as a powerful growth hub,” offered McGrath.
Camden is at the epicentre of Sydney’s extremely fast-growing southwest corridor. The sale follows an “internal strategic review” of the McGrath operations, determining that “it made good business sense” to exit.
Paul Camkin was previously the GM of Oscars Group, before going into partnership with Jason Marlow in 2009 on the Heathcote Hotel. That pub was later sold and they purchased the Coniston Hotel, which is still part of the Marlow portfolio.
The pair formed their management company, bringing operations of several other pubs into the fold, including the Oaks Hotel at Albion Park Rail, owned by Kremer, which they have run for the past seven years.
Camkin says he will continue in his role at Marlow Group, with the Camden fitting neatly into his wheelhouse in the region, and his plans for an uplift.
“It’s very well presented,” he reports. “I’m looking forward to activating the revenue streams that aren’t already activated, particularly the accommodation, and a TAB sports bar sort of scenario.
“There’s not a lot of accommodation around Camden. It will have that country feel.”
The off-market sale process was managed by HTL Property’s Dan Dragicevich and Sam Handy, who note the agency’s fifth transaction for FY22 and a refreshing reversal of an ongoing trend.
“In this era of consolidation it’s healthy to see a new owner buying from an established group, and we were pleased to be part of Paul’s new chapter,” Dragicevich said.
