Fresh from his divestment in Leichhardt, Peter Walker has upped the ante, purchasing Adam’s Tavern in Blacktown from long-term owner and creator, Bob McGhee.
Walker sold Norton’s Irish Pub to Justin Hemmes’ Merivale mid-May for $24 million.
He has now paid a reported $25 million for Adam’s Tavern, which is thought to be a record price for a hotel in Blacktown, beating Sam Arnaout’s purchase of the Sportsman’s Hotel in late 2019 for $23.4 million.
Adam’s Tavern is a large-format Blacktown local on a 1,867sqm site, providing public bar, bistro, gaming lounge with 30 machines, and drive-through bottleshop.
It was established nearly 30 years ago by Bob McGhee, who in recent years has fielded plenty of unsolicited approaches to buy and is happy to be selling to an old acquaintance.
“I wish new owner Peter Walker, a long-time friend, all the very best,” McGhee said. “I’m confident he will do very well at Adam’s.”
McGhee is the latest in something of a procession of long-term family owners recently cashing in the chips.
He joins the likes of Mike Angus, divesting the Grand Hotel in Newcastle in July after 30 years, Tom Mooney parting with the Great Northern Hotel of Byron Bay in June after 30 years, Scott Cameron exiting the Tumut Star in January after 34 years, and the Lewis family leaving the Emerald Hotel of South Melbourne last November after 48 years’ ownership.
Adam’s was sold through an invitation-only off-market sale process conducted by JLL Hotels’ John Musca and Kate MacDonald.
“[Bob] was one of the last remaining Western Sydney owner-operators in a climate where independent single hotel ownership is diminishing,” offered Macdonald.
“We know that a decision like this doesn’t come lightly, however the timing from a family objective aspect and strength of the market seemed to align.”
