UNIVERSAL SECURES FAMILY TIES IN TEMPE

The Kospetas family’s Universal Hotels has picked up the unsung Tempe Hotel for north of $10 million, with big hopes for the changing pub landscape.

A hotel was first established on the site, on the Princes Highway, in 1856. In the 1890s the current two-storey brick building was constructed, enjoying a block nearly 1200sqm.

The pub consists of a central bar servicing the public bar, lounge bar and gaming room, a beer garden, dining area and large commercial kitchen, and below-ground cellar and storerooms. Upstairs there are 12 accommodation rooms, a manager’s residence and shared amenities.

For the past 27 years it has been owned by Tom and Ann Marie Ilievski, who beyond a short term where it was leased, have always operated it themselves.

Universal count a considerable stable of hotels, mostly in the Sydney CBD and fringe precincts. Late last year they relinquished some of their dominance of Oxford Street with sale of Kinselas to Moelis for $45 million. 

The group notes they were not actually planning to sell, but the offer and opportunity were there. Since restrictions have all but lifted in Sydney and nightclubs are open again they report the precinct is “going crazy” as people come out in force.

However, Universal says it doesn’t see a lot of future for the group in the city and has been considering its next move. With a firm eye on expansion, it sees advantage in doing more pubs in residential areas – many of which have claimed greater market post-pandemic – and focusing on the food.

Following its recent refurb and rebrand, Universal’s The Mill in Bondi Junction is trading very well and the Kospetas’ want to carry the local pub concept further and transition into more family-friendly venues. They began seeking the right candidates some time ago, before the sale of Kinselas.

Family patriarch Jim Kospetas, hailing from Greek heritage, grew up in Enmore, close to Tempe. His father owned various businesses and properties nearby, and the Kospetas family was acquainted with the Ilievskis.

In need of a lot of love, passing the Tempe Hotel you could be forgiven for thinking it was closed for trading; its social media has seen no activity since 2019.

Harris Kospetas says they don’t really have a lot planned yet, as they try to work with what the area is needing. There is little in the way of choice close by, and they anticipate a direction based in attracting locals back via a “huge refurb” and focus on great food & bev.

“When you go into a community and make big changes you get noticed a lot more than doing something on Oxford Street. Hopefully we can hit the mark with the refurb and the food offering.”

Motivated by a desire to reconnect with his family roots, Jim Kospetas is expecting to bring along family attributes.

“It is a venue that has great potential spanning over a large footprint and with some beautiful internal heritage features. Tempe is evolving with many young professionals and families moving into the area. 

“We aim to keep the Tempe a great locals pub and re-establish its presence in the community.

“The focus will very much be on improving the current offering while adding our ethnic twist on the food side of the business.”