The Greenroof Hotel in Hamilton is being offered by the Richardsons, representing potential in a surging precinct and the first hotel out of Newcastle in some time.
Located around four kilometres west of the CBD of Newcastle, Hamilton is one of the city’s most coveted ‘burbs, boasting a diverse and thriving community and home to long-term residents, young professionals and families.
The very identifiable two-storey red brick pub holds a 1,170sqm corner site on Tudor Street in central Hamilton, providing public bar and large all-weather beer garden, commercial kitchen, gaming room with 15 machines and expansive on-site carpark, which is fully licensed.
There are a total of 12 underutilised accommodation rooms. Six of these have recently been refurbished, and the remainder are used as storage.
The business reports a strong mix of trade across bar, food, gaming, wagering and accommodation.
Previously known as the Hamilton Hotel, it has a history as a late-night destination for Newcastle’s university crowd.
Hamilton is poised for substantial transformation as part of the City of Newcastle’s Broadmeadow Place Strategy, slated to bring over 20K new homes and generate 15K new jobs, and the Hotel has been repositioned toward a more “community-focussed” venue.
Publican Russell Richardson bought the pub mid-2015 from the Woodward family, who had held it for three decades.
Richardson has conducted significant consultation with locals and council on pre-DA plans to renovate.
The business holds upside potential by way of activation of the remaining accommodation rooms, and better utilisation of the rare extended trading authorisation, which permits a potentially lucrative brunch service and late-night 2.30am closing.
After receiving unsolicited offers to sell, Richardson, who also holds the Argyle House and King St hotels, in Newcastle, determined to test the market and consolidate the portfolio.
Sources suggest the asset is likely to attract offers north of $10 million.
The freehold going concern is being sold through JLL Hotels’ Kate MacDonald and Greg Jeloudev, alongside Deane Moore of Moore & Moore Real Estate, who note the “well-rounded” mix of trade.
“Newcastle opportunities are few and far between,” says MacDonald.
“Given the geographical positioning and underlying pub fundamentals, we expect a keenly contested sale process.”
The Greenroof Hotel is for sale via Expressions of Interest, closing Tuesday, 12 November.
