As high-yielding leases continue to be the hot property, Mick Roche has put the inner-west Duke of Edinburgh to market, boding opportunity for a fresh operator.
Occupying a prominent 430m² block on the corner of Enmore Road and Simmons Street, The Duke is a modest locals’ pub, offering the Enmore populace a contracted pub-style menu and classic suburban dabble with craft beer.
The pub holds a 2am licence Wednesday through Saturday, gaming with 13 EGMs, and seven accommodation rooms.
Having spent a half-dozen years at the helm, the Roches say they need a change and a vacation.
“We have been at the hotel now for six years, and it is really time to move on,” Mick told PubTIC.
“After we sell, my wife and I plan to go overseas for about three months before we get back into the hotel market somewhere.”
In April 2015 Merivale purchased the Queen Victoria Hotel – just 100 metres down Enmore Road – unveiling the restyled Queen Hotel creation last December.
The shortage of freehold stock seen particularly in Sydney has focused the best operators and most serious buyers, driving ‘opportunity-based’ prices, and bringing greater focus to the even more lucrative although also more volatile leasehold market.
The Duke is being marketed by Ray White Hotels’ Blake Edwards, who spoke of the demand.
“We are getting a heap of calls from buyers looking to secure leasehold hotels at the moment,” he reports.
While Solotel strengthens its grip on northern King St, Ray Reilly continues his plans for southern Newtown and Enmore, and mid-way between, The Duke is ripe for finding upside in a precinct on the rise.
“There are some really great restaurants like Stambuli in the street, and the area has been helped by Merivale opening the Queens Hotel just up the road,” adds Edwards.
The Duke of Edinburgh is being sold via an Expressions of Interest campaign, closing Wednesday 26 July.
