Pride of Adelaide, the acclaimed Lion Hotel, has come to market along with an adjoining office block.
The heritage-listed pub was built in North Adelaide in 1871, originally trading as a brewery and malt house.
SA hoteliers Tim Gregg and Andrew Svencis bought the Hotel in 1996, executing an extensive makeover to get it in “sync with the broader market” and burgeoning precinct.
The past two-plus decades has seen numerous state and national trophies don the walls of the Lion’s den, including taking the title in 2018 for the State’s best Meetings & Events Venue.
Almost a decade ago Gregg and Svencis went on to buy the freehold of the adjoining three-level office block, on 1725sqm with 2888sqm of lettable space and 11 tenants on a staggered lease profile.
The two titles cover 4833sqm, around three kilometres from the Adelaide CBD and close to major transport, and regulatory changes increasing height limits stand to benefit future development potential.
After two decades at the forefront of Adelaide hospitality, the business partners have found themselves eyeing a step back.
“We’ve been blessed with great people for years and are starting to find it a bit too tempting to ease off our own involvement these days and think it’s time to make our exit,” offers Gregg.
They have engaged JLL Hotels’ Will Connolly and Roger Klem, head of sales and investment in South Australia, with sources suggesting expectations of a combined price on the assets north of $17 million.
“There is good demand for commercial investment property in this part of Adelaide,” suggests Klem.
The freehold going concern of the Lion Hotel and neighbouring office block are being sold via Expressions of Interest, closing 22 November.
