Wayward Newtown hotel Kuleto’s on King Street has been listed for sale, as demand and limited supply keep interest high in inner city fringe pubs.
Located between precinct landmarks the Marlborough and Newtown Hotels, it was previously known as the Milton Hotel. It enjoys a three-level trading footprint, and holds valuable 3am extended trading approval.
Melbourne-based hotelier Donna Asensio has owned the hotel for the better part of 42 years, operating it under management.
Eyeing retirement and considering several recent unsolicited offers, Asensio determined to test the waters.
Around six kilometres south-west of the Sydney CBD, Newtown is famed for its quirky and eclectic vibe and home to around 40k residents, while weekend destination for around 50k weekly visitors.
Kuleto’s is currently positioned as a cocktail bar and it’s suggested an incoming operator would benefit from repositioning it with a revised f&b proposition, and potentially gaming, given its green zone (SA2) location, accommodating the purchase or lease of gaming machines.
Also, the pub does not utilise its trading potential, typically closed Mondays and Tuesdays, opening 4pm other days and rarely closing after midnight.
“We foresee that an incoming operator will be able to rapidly build value into this asset, with there existing several patent upside levers available to activate,” HTL Property’s suggests Sam Handy, marketing the hotel with colleague Blake Edwards.
The opportunity to acquire an entry-level Newtown hotel is expected to attract interest from multiple buyer segments, notably hoteliers, as well as alternate hospitality operators and investors.
Freehold going concern of Kuleto’s is being sold via Expressions of Interest, closing Thursday, 29 September.
