Glebe’s landmark Ancient Briton Hotel has been listed as the pub real estate market begins to ease, following one of the most transactional years in NSW on record.
Prominently perched on a high-profile corner of Bridge Street and Glebe Point Road, the multi-level pub, commonly known as the AB, occupies a 481sqm block, with entrances on both streets.
For around 25 years it has been the business of the intensely private Seeto family, who made a “unanimous resolution” to sell in light of industry activity and numerous recent unsolicited offers.
“It’s hard to believe that our family has owned and operated the AB Hotel for almost a quarter of a century,” remarks long-time proprietor Victor Seeto.
“It holds a very special place in our family’s heart, but it’s time to pass the torch onto another hotelier with fresh energy and focus that can elevate the hotel to its rightful place within the local community.”
Impacted by the COVID disruption to CBD and city-fringe venues, the AB has been operated as a ‘low energy’ gaming venue for the last two and a half years, with 85 per cent of trading areas not in operation, and the pub regularly closed by 9pm.
Prior to COVID Its gaming operation, with 25 machines and smoking solution, was historically around #250-#300 in the Liquor & Gaming rankings.
For the past 13 weeks it has been trading 6am to midnight and delivering record turnover and revenue, and a DA was recently secured to trade from 5am – in anticipation of the new $750 million Fish Markets redevelopment, around a kilometre north on Bridge Street.
Further upsides are notable across all departments – bar, bistro, gaming and wagering – and the pub is set to see significantly more passing traffic, as the new M4-M5 and Rozelle interchange turns Bridge Street into an alternative arterial route into the CBD.
The AB is being marketed by HTL Property’s Sam Handy, Dan Dragicevich and Andrew Jolliffe, who suggest the business has been set up well for the next operator, and expect a strong outcome from “unsatisfied capital” still trawling the pub market, tempting long-term owners.
“The tumultuous nature of the hospitality sector since the onset of COVID has undoubtedly given rise to the resetting of some generational hotelier family divestment horizons,” suggests Handy.
The freehold going concern of the Ancient Briton (AB) Hotel is being sold via Expressions of Interest, closing Thursday 10 November.
