Jon Adgemis’ Public Hospitality Group has taken the hand of the Lady Hampshire of Camperdown, for around $11 million.
The Lady is a well-known landmark of the inner west, passed by thousands of cars each day on bustling Parramatta Road. It offers an old-school public bar, TAB, gaming room with nine EGMs, a large and popular beer garden, and rare 24-hour licence.
It also counts 12 undercapitalised accommodation rooms upstairs, and development approval for a structure making use of its 22-metre height restriction and mixed-use zoning.
Previously the New Hampshire, it was purchased by Paddy Coughlan’s Bourke St group, which executed a million-dollar renovation, bringing a modern offering, trendy décor and crafty beverages, and an updated Lady moniker.
In late 2018 Bourke St sold its lease of the Lady to a collective of five former St Joseph’s students, who had already found success in a variety of other fields and looked to enter pubs.
Public Hospitality Group (PHG), previously known as Jaga Group, has now purchased the restapled freehold going concern, marking asset number 15 for the fast-growing Sydney-based operators. Recent purchases have included The Strand of Darlinghurst, and Annandale’s Empire Hotel, both from Oscars Group.
PHG is targeting selected city-edge venues in Sydney and Melbourne, repositioned as hipster and millennial-friendly hospitality offerings, with a focus on hotel accommodation and lifestyle.
Adding to the room count, The Lady joins the group’s other strong accommodation pubs, such as Balmain’s Town Hall, Alexandria’s Camelia Grove and the nearby Exchange.
The off-market deal was brokered by JLL Hotels’ Kate MacDonald and John Musca, who believe murmurs of interest rate rises are unlikely to have significant effect on the current appetite for the pub sector, which is on track for another record-breaking year of transactions.
“Private owner, or lessees, have eventually succumbed to operators ‘COVID-fatigue’ and look to divest their assets whilst underlying property and gaming asset values reflect an escalating trajectory,” suggests MacDonald.
