Ged Dore and partners have successfully sold their revived Salisbury Hotel in Stanmore to growing hotel operator Matthew Sweeney.
A landmark of the inner west, on a prominent corner of the main retail strip 100 metres from Stanmore station, the striking three-level Art Deco-styled Salisbury was built in 1899. It provides multiple bars, bistro, gaming room with 15 machines, function spaces, 20 accommodation rooms across two levels, beer garden and bottleshop.
Dore and his wife Trish (Larkin) have been living the Salisbury life for the better part of a decade, having begun management in 2015 with a partial ownership share, alongside investors led by L90 Capital. In late 2018 this arrangement was reconfigured, with Dore and a new partner taking the freehold for around $11 million.
The hands-on operators executed a substantial refurbishment and worked the business to create a thriving community hub and an enviable balanced mix of trade.
Dore says it’s been an “amazing journey” recreating a classic local hotel that represents the locals.
“With, as always, a touch of sadness we wave her goodbye and are happy it has landed in the hands of someone who appreciates her and the community,” he remarks.
The freehold going concern was put to market in August, as the Dores’ partner looked to cash in on the equity.
The sale now, for a reported $17 million, goes to Matthew Sweeney, who brings a career background filming documentaries and large-format TV programs such as Masterchef.
Sweeney made his pub debut in 2010 with purchase of the former Berkeley from Thomas Hotels. Taking the pub without gaming machines, it was rebranded back to its original moniker, the Eveleigh Hotel, and has done a solid trade in food & bev only ever since. A sale announcement on the Eveleigh is said to be pending.
The next to join the stable was O’Brien’s Hotel in Narooma. This was also rebranded back to its original name, the Narooma Hotel.
Sweeney says he has been spending four days each fortnight in Sydney and the rest at Narooma.
Settlement on the Salisbury is anticipated in December, and now enjoying a strong management team on the south coast, he will reverse his schedule and spend 10 days every two weeks in the capital.
“We’ll get in and sit and watch,” he explains, on plans for Stanmore. “The same as we did at Narooma; it was nearly 12 months before we made any changes.”
The Narooma Hotel does a strong trade in foodservice, which Sweeney stresses is so vital these days, serving 100-dozen oysters and approaching 700 pizzas every week. His “highly admired” chef from Narooma will be coming to Sydney to lend a little “inspiration” to the new venture.
While an overhaul of the menu is not on the table, Sweeney believes it is important to offer something a ‘little bit different’.
“We’ll take our time and get to know the place, and the people, and staff,” he continues. “I have enormous respect for the locals and what they can provide.”
The on-market sale was steered by JLL Hotels’ Kate MacDonald and Ben McDonald, who relay it was “one of the busiest campaigns of the year”.
“At a time when pubs are facing proposed legislative changes specifically around gaming, the Salisbury attracted great interest from Sydney based hotelier’s and groups given it’s sought after mix of trade across food & beverage,” said MacDonald.
