Ben Lawler and Ryan Haynes have expanded back into greater Sydney, with purchase of the Royal Hotel in Camden.
Established 1841, the Royal occupies a 1,526sqm site in the main retail zone of Camden LGA – forecast to surpass 200k residents by 2030.
The pub offers a public bar with Platinum TAB, gaming room with 24 machines, 2am liquor licence and bottleshop, and is adjacent to Larkin Place’s 180 space car park.
Property developers acquired it in 2015 for $5.5 million and have had it running under management.
An extensive renovation was recently undertaken, facilitating a well-rounded revenue mix across food and beverage, gaming, wagering and retail liquor, with forecast revenues for the coming year of $10-12 million.
Ben Lawler and Ryan Haynes formed Local Hotel Group (LHG), which now counts four hotels, the Royal joining their Commercial at Dubbo, Riverina at Wagga, and Elephant & Castle at Bathurst.
“We’ve been looking out for something … kicked a fair few tyres … and this was the one that really piqued our interest,” said Lawler.
“It’s a bit of travel for us, but it’s one we thought we could make a go of in greater Sydney.”
Joining a booming region with local institutions such as the Camden Valley Inn, Lawler says they will ease into any adjustments.
“It had a big reno a couple of years ago, so we’ll get in there and get a feel for it and make some decisions after that.
“We won’t change anything radically, but want a good community hotel that can interact with all the surrounding suburbs.
“Camden’s a pretty good precinct … the pubs and cafes along that strip have become a bit of a destination, so I think we’ll play on that.”
LHG beat stiff competition on the title, understood to have paid close to $20 million for the freehold going concern, which officially came to market in October but was sold almost before the sign went up.
Sale of the Royal follows that of the nearby Camden Hotel, bought by Paul Camkin in July for $11 million.
The Royal campaign was managed by HTL’s Blake Edwards, Sam Handy and Dan Dragicevich.
“The opportunity was keenly contested with the final price reflective of the current under supply of quality south-west Sydney freehold hotels,” noted Edwards.
