Owners of Waterloo’s Grosvenor Hotel have put it to market, citing what happens to all good things for the popular corner pub.
Two business partners, former Coca-Cola Amatil executive Denis Hickey and corporate identity Warwick Negus, have listed the freehold going concern of the city-fringe pub to a market starved of available stock.
The pair purchased the Hotel in 2010 from Riversdale, soon after buying the nearby Cauliflower Hotel from Will Ryan, which they sold in 2014.
“It’s been six years, I’m ready to do something different,” Hickey told PubTIC. “All good things must come to an end.”
Waterloo is around three kilometres from the Sydney CBD, and importantly, the site of the huge Waterloo Estate (Central to Eveleigh Urban Transformation Project) development that will see projects over the next 15 years allowing for a massive increase in resident density.
The Grosvenor’s 303 m² corner block features a bar, bistro, gaming room with 12 EGMs, and eight accommodation rooms. It is being marketed by Ray White Hotels’ Blake Edwards, who notes the potential of the area even in a hot marketplace.
“This asset is particularly exciting due to the planned redevelopment and gentrification around its location, and a proposed residential density of 70,000 inhabitants per square kilometre in the adjacent Waterloo Estate.
“We anticipate strong interest, considering the asset’s proximity to the city, surrounding development, and underlying shortage of stock on the market.”
Hickey says he knows this is a good time to sell, but is not really in any rush and still ponderous on what comes next.
“Probably not another pub,” he replied. “My background is in corporate, with CCA, so I may go back to that. Or, I may just have a break for a while.
“The market is strong, but the offer will have to be substantial for us to bother leaving.”
The Grosvenor Hotel is being sold via an Expressions of Interest campaign, ending 21 September, 2016.
