The Republic at Norwood put up for sale amid pub sell-off
Inside The Republic hotel in Norwood. Picture: JLL
Adelaide hotelier Greg Maitland is looking for buyers to take over prominent gaming venue The Republic hotel in Norwood, continuing his sell-off of pubs across the city.
The freehold interest in the property is included in the sale, having been refurbished several times and featuring a large restaurant, sports bar, private dining rooms, 32 gaming machines, function rooms and an expansive beer garden and car park.
Mr Maitland’s GM Hotels had previously lodged plans to build a $7 million, six-storey apartment and commercial development on part of the car park. The 3327sq m corner site on Magill Rd is being pitched as a future redevelopment opportunity.
Its sale follows the $160 million sell-off of 11 SA pubs by Mr Maitland and Fortitude Investment Partners, including the Emu Hotel in Morphett Vale which sold for $32 million to ALH Group and Charter Hall – a record price for a South Australian pub.
The corner site on Magill Rd is seen as a development opportunity. Picture: JLL
JLL senior vice president of hotel sales Will Connolly said the sale followed a string of pub sales in Adelaide, which reflected the strong interest from investors.
“We expect The Republic to be hotly contested by current operators from within the SA market as well on the national front, evidenced by recent landmark pub acquisitions via interstate operators completed within the past 12 months,” he said.
“The Republic will present favourably to multiple markets with various acquisition strategies, with little capex required for incoming operators and a substantial platform for parties with a view to potentially repurpose.”
After a challenge Covid-19 period, the pub sector has bounced back into life, bringing with it renewed interest from investors.
Earlier this year the freehold interest in the Highbury Hotel and Village Tavern in Golden Grove sold to Charter Hall for a combined sale price of $57 million.
In followed one of the larger pub sell-offs in recent years when the Booze Brothers, Adrian and Leon Saturno, sold their last eight pubs in late 2021, bringing to an end a five-decade run in the SA hospitality scene.
Dining at The Republic hotel. Picture: JLL
Artist’s impression of the $7 million development previously planned for The Republic site.
JLL SA head of capital markets Roger Klem said the demand for infill residential sites in the Norwood precinct meant developers would likely show interest in The Republic site.
“Medium density housing is currently booming in Norwood, with the Amulet Property redevelopment of the former Otto’s Timber site diagonally opposite The Republic and three large multi-rise projects on The Parade, including atop the new Coles supermarket currently under construction,” he said.
“Prime corner sites that offer high levels of amenity are being targeted by low and medium density developers throughout Norwood and Kent Town.”
The Republic is being sold by Mr Connolly and Mr Klem, in conjunction with Terry Board of TJ Board. Expressions of interest close at 5pm on April 12.
