The burgeoning Good Beer Company (GBC) has bought Newhaven Hotels’ Duke of Gloucester, with plans to “extend” what it already does well.
Speaking to PubTIC, GBC owner John Azar says ‘The DOG’ will definitely be a pub for good beer and quality food.
“We plan to extend what we currently offer at our two Surry Hills venues, the Dove & Olive Hotel and the Keg & Brew Hotel, to the DOG in Randwick.
“It’s going to have a fantastic selection of craft beer as well as feature what we like to call the ‘Golden Oldies’ – traditional favourites like VB, Coopers and Reschs.”
Azar says that while there is no specific news at this stage, it is unlikely the DOG will be the last pub acquisition for GBC.
“We’re committed to growing the group, and any future expansion will depend on timing and suitability of opportunities that become available.”
The off-market transaction was managed by JLL Hotels’ Sam Handy, who noted its 2am licence, large outdoor area, 750 sqm block, recent $1.5 million renovation and limited competition in the area.
Himself an eastern suburbs local, Handy said he has witnessed the transformation of patronage courtesy of Merivale’s amazing Coogee Pavilion.
“I have a good understanding of what the Good Beer Company intend on doing with ‘the DOG’ and am very excited to see their vision brought to life.”
Handy would not be drawn on price, but stated it was in range expectation. Sources suggest this was close to $17 million.
The DOG is the third hotel asset that JLL has divested for the Kelly Family’s Newhaven Hotel Group, including the sale of the Bateau Bay to Laundy Hotels in April.