Kuleto’s on King Street in Newtown is being offered to market as an undercooked freehold going concern, after more than 40 years run under management.
The three-storey inner west pub is a prominent sight on the northern end of King Street, with three street frontages.
It is close to precinct stalwarts the Marlborough, Newtown and Coopers hotels, around six kilometres south-west of the Sydney CBD, and operates on all levels, enjoying 3am extended trading Monday-Saturday on the ground and first floor, and midnight approval for the rooftop beer garden.
Formerly known as the Milton Hotel, it has been owned by Melbourne-based hotelier Donna Asensio for 44 years, with local managers employed for the day-to-day.
Trade has been lacklustre, the pub typically closed Monday to Wednesday, on other days opening at 4pm and rarely closing after midnight.
Sales literature suggests plenty of upside for a hands-on operator, the operation seen as prime for repositioning to offer a food and beverage proposition suited to the demographic.
Home to around 40K residents and weekly destination for another 50K, Newtown is known for its eclectic vibe and cutting-edge consumer offerings.
The site’s SA2 (green) zoning also allows for leasing or buying gaming machines to install at the venue.
Having previously tested the waters, Asensio has undertaken some cosmetic renovation and refurbishment in recent times, and is said to be committed to a sale and ready to “meet the market”.
A sale campaign is being managed by HTL Property’s Blake Edwards and Sam Handy, who observe very different market conditions this time around.
Kuleto’s is being offered via Expressions of Interest, closing Wednesday, 2 July.
