Almost a year to the day since Mother Nature rose up and engulfed the historic George IV Inn, it has sold at auction to an industry newcomer swept by a passion to revive it for the locality.
Built in 1835 by convict labour, the George IV at Picton is a landmark on the trail south from Sydney, and thought to be the second-oldest licensed pub in the State. On 5 June, 2016, the adjacent Stonequarry Creek broke its banks and flooded the hotel, closing it for the first time in 182 years.
Owner Patrick Maloney underwent an expensive process of assessment for the insurance claim, only to be told his insurer would not accept liability, on the basis of computer modelling of stormwater activity in the area. Unable to finance its renovation himself, Maloney reluctantly placed The George on the market.
Engaging Ray White Hotels to market the property, it became one of a metro-fringe line-up auction day at the agency’s offices, scheduled for today.
The troubled pub attracted four bidders, closing with a bid of $3.125m by hotel industry newcomers Adam Cryer and Ross Robinson.
After spending the last decade in the business of private education, the pair were drawn into the plight of The George. Cryer having grown up in Campbelltown, he recently spent time with a close friend and devoted patron of the hotel, who has now passed, and developed a strong emotional attachment for the place.
“This is something that’s become quite passionate for us both,” Cryer told PubTIC. “We’ve got a lot of work ahead of us, it’s in a fairly poor state of repair, but the sooner we get in there the sooner we can renovate and get it up and running.”
Aiming to tackle the challenge in two stages, the first will be to get the business back up and running in as soon as three to four months from settlement, due six weeks from now, and begin engaging the locals in its subsequent resurgence.
The next stage will see the pub taken “to the next level” as a destination, and a big focus revival of its stalled micro-brewery, to the delight of English-born Robinson, huge fan of pale ales.
“We want to bring it back to its former glory first and foremost … really make sure we retain the integrity and character of the Inn,” continued Cryer.
“We understand how iconic the pub is for the area, and want to give something they have a real emotion connection to, a place the community can be proud of, and want to bring the family and kids.
“We certainly didn’t buy it as a short-term thing – it’s a long-term hold for us.”
Ray White’s Blake Edwards noted the pub’s land holding and opportunity, occupying 7,174 m² and one of only two pubs in town.
Today’s auction also saw the Belmore Hotel put on offer, but falling just shy of reserve it is reportedly under negotiation with several interested parties.
The third title on the docket, Denmeade Group’s Unanderra Hotel, was withdrawn prior to the auction, believed to be under negotiation with an unnamed party.
