Adelaide’s long-standing, award-winning Republic Hotel has come to market, expected to attract widespread interest in the state’s “frenetic” commercial market.
The Republic is a two-storey Victorian stone building on a commanding 3,327sqm corner site. Its high-end facilities offer a sports bar, large restaurant and private dining rooms, gaming room with 32 machines and dedicated bar, multiple function rooms, and an expansive beer garden.
It has been refurbished in recent years, and holds favourable ‘Suburban Business’ Zoning, lending itself to future development (STCA).
One of Adelaide’s most desirable suburbs, Norwood is seeing a boom in medium-density housing, such as the Amulet Property development diagonally opposite the Republic. The area has experienced a recent spike in activity, stemming from the state government’s urban renewal plan, heralding the likes of ‘Norwood Green’, delivering over 230 luxury apartments and townhouses, and a ‘town piazza’ including retail sites, open plan areas and an ALDI supermarket.
Greg Maitland’s GM Hotels was previously known as Independent Pub Group until a name change in 2015. Although having divested much of the portfolio, the group still holds several hotel assets in and around Adelaide.
Sale on the Republic is being managed by JLL’s Will Connolly and Roger Klem, in conjunction with Terry Board of TJ Board, who anticipate plenty of interest given its presentation and the number of transactions transpiring in South Australia, but suggest it could be developers that ultimately “unlock the full potential” of the site.
“We expect the Republic to be hotly contested by current operators from within the SA market as well on the national front, evidenced by recent landmark pub acquisitions via interstate operators completed within the past 12 months,” says Connolly.
“The Republic will present favourably to multiple markets with various acquisition strategies, with little capex required for incoming operators and a substantial platform for parties with a view to potentially repurpose.”
The freehold going concern of the Republic Hotel is available via Expressions of Interest, closing Wednesday, 12 April.
