The growing partnership of Simon Tilley and Nick Wills is the latest to get a foothold in Sydney’s burgeoning north-west growth corridor, buying the Richmond Inn Hotel.
Set on a 3,007sqm corner site, the large-format suburban hotel is located in Richmond’s main commercial and retail precinct, adjacent to the big Richmond Marketplace shopping centre.
The hotel offers public bar and bistro, live music and karaoke, gaming with 17 machines, accommodation, and off-street parking, with a 3am liquor licence.
It has been sold by a private partnership of long-term owners to the high-profile hoteliers of the Tilley & Wills Hotel Group, adding to the portfolio, already including Mosman’s Buena Vista Hotel, Sydney’s Verandah Bar, Clovelly Hotel, the Greenwood Hotel in North Sydney, and the newly named Prince Consort Hotel, formerly the Elephant, in Brisbane.
The buyers are conscious of activity in the region, such as the impressive Redbank development at North Richmond, and hope to continue momentum.
“I love the Hawkesbury area, and have been keeping my eye out for the right opportunity for a number of years now,” says Wills.
“There are some plans to upgrade, and we’re really excited to see those through.
“It’s the best positioned pub in the area. They’ve done a great job, and we’re eager to put our own spin on reinvigorating the old girl.”
The off-market transaction was brokered through HTL Property’s Dan Dragicevich and Sam Handy, marking the firm’s sixth transaction in the region in recent years, such as Ashton Waugh’s purchase of RG McGees in late 2019, newcomers taking the Fitzroy mid-2020, and DeAngelis’ sale of Windsor’s Bligh Park last September.
While Sydney, increasing parts of New South Wales and a tragic collection of regions in other states are currently under lockdown, much of the hard unknowns around what will happen to asset values were learned last year, and the agents report a “noticeable difference” in the tone and determination of the market this time around.
“The resiliency of pubs as an investment class was made pretty clear when they reopened last year,” says Dragicevich. “And even while pubs are temporarily closed again, buyer appetite has not changed.”
