Camelia Grove Hotel sells for the first time in 38 years to Jaga Group for $13.75 million
A popular Alexandria pub has been snapped up by a Sydney developer for an insane sum.
The Camelia Grove Hotel on Henderson Road sold this past week for $13.75m — marking the first time it had changed hands in around 40 years.
The buyer has been revealed to be local developers, Jaga Group, who own several similar hybrid pub and accommodation developments across Sydney.
HTL Property’s Blake Edwards and Sam Handy negotiated the transaction on behalf of industry legend Adella Wright-Young; who has owned and operated the hotel for some 38 years.
“The combination of a shortage of prime opportunities in the Sydney market, and a site like this with such raw potential, was always expected to attract huge interest from a wide variety of buyer profiles” said Mr Edwards.
The hotel is positioned metres from Australia Technology Park, which currently caters for CBA’s 10,000 employees along with a shopping centre, child care centre, gym and some 700 car parks.
The pub is also set to benefit in the medium term from various urban renewal projects within the area and the nearby Waterloo Metro. The hotel is situated on a 750sqm site, and offers future mixed-use development potential underpinned by its existing B4 Mixed-use zoning, 18 metre height approval and 3:1 FSR.
Mrs Wright-Young purchased the hotel in 1983 from Tooth and Co, and has mixed emotions about the sale.
“After so many years it is bittersweet to be selling the hotel which has been not only my business but my home for so very long. The patrons and local community become close family and friends,” she said.
“I still work most days, so the sale will give me some free time to do other things; most notably spend more time with my family.”