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The Richmond Inn Hotel North-West Sydney for sale on behalf of Tilley & Wills by HTL Property’s Dan Dragicevch, Andrew Jolliffe and Sam Handy in a resurgent NSW pub market.
The Richmond Inn Hotel North-West Sydney has been listed for sale in a resurgent NSW pub market.
Acquired by the Tilly & Wills Hotel Group, the hotel has undergone an extensive $2 million renovation and refurbishment, with the business being repositioned with a more family-friendly activation.
Having only recently announced the purchase of the Shafston Hotel in Brisbane, the group cite a new strategic focus on pubs in South-East Queensland as the rationale behind the sale.
Leading pub brokerage firm HTL Property has been exclusively appointed to manage the hotel sale process, with agents Dan Dragicevch, Andrew Jolliffe and Sam Handy steering the process.
Set on a 2,996 sqm corner site, the large-format suburban hotel is located within Richmond’s main commercial and retail precinct; adjacent to both the ISPT’s Richmond Marketplace shopping centre and Richmond train station.
The newly renovated Hotel offers a public bar and bistro, with a recently developed extensive beer garden; and generates ~$6.3 million in annual revenues across bar, bistro, gaming, wagering and accommodation.
The only part of the hotel that hasn’t been renovated since acquisition by Tilley & Wills is the gaming room; and with 17 machines and a 3am liquor licence, there exists an obvious opportunity to create a destination gaming room in the precinct.
“Simon and Nick have done an outstanding job activating the food and beverage offerings at the Hotel during their tenure, notably introducing one of the largest beer gardens in the Hawkesbury; and which has been warmly received by the locals” commented HTL Property Director, Sam Handy.
“There clearly exists further potential in gaming performance at the venue, being the one part of the Hotel that hasn’t had the benefit of capex. Albeit our vendors have plans drawn to move the room to a far superior location within the Hotel, and adjacent to the car park”, Handy added.
A large driver of the population growth for the region is the $1.8 billion Redbank North Richmond master planned community, which spans some180 hectares and will deliver an estimated 1,500 new residential dwellings.
The development is forecast to cater for an influx of 4,000 new residents almost doubling the existing population of the Richmond catchment to 9,000.
‘The Richmond Inn is situated within the best location in the area and features both the largest trading footprint; and the latest liquor licence. The new destination gaming room will provide an incoming operator with clear and demonstrable upside in order to rapidly build value into the business’ added Dragicevich.
After a quiet first half of the year the agents report a steady recovery in the Sydney pubs market for well priced stock and pubs with clear upside.
“We have witnessed a notable uptick in investor appetite and inbound enquiry over the course of the past month as interest rate uncertainty becomes a lot clearer, and Hotel trade has generally weathered what some forecasted as a discretionary spending led storm” Dragicevich concluded.
The Richmond Inn is being sold via a National Expression of Interest sale process; with the campaign closing Wednesday 18 October 2023 (if not sold prior).
To request a copy of the information memorandum please contact the selling agents HTL Property’s Andrew Jolliffe Sam Handy and Dan Dragicevich via the below contact details.
Click here to view more articles of Australian Pubs and Taverns recently listed for sale and sold
Click here to view more articles of NSW Pubs and Taverns recently listed for sale and sold
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