Family-owned pub fetches $18m in off-market sale
An off-market property transaction has seen a popular watering hole on Sydney’s fringe sell for top dollar.
Held by the same family for more than 10 years, the Royal Hotel at Richmond sold before it officially hit the market for a staggering $18 million.
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While CoreLogic records reveal the price is the highest paid for a property in the area, it was a figure the new owner was more than willing to spend.
HTL Property’s Dan Dragicevich confirmed the pub sold to Peter Wynne, who ran Martin Place Bar in the CBD before its recent closure.
The venue was shut down to make way for a new metro station being delivered by the NSW Government.
“Mal Russell, the owner of the Royal Hotel, has been in the industry a long time and is looking to retire so he had been thinking about selling for a few years,” Mr Dragicevich said.
“We were going to put it up for auction next month and started putting out feelers; Peter Wynne heard about it and acted hastily,” he said.
Along the main drag of Richmond and near the train station, the venue is set on a prominent corner block spanning 1760 sqm.
The property adjoins a parking lot which services a Coles shopping centre and Dan Murphy’s.
Believed to have been built in the 1800s, the building has plenty of character. Inside, features include high ceilings and curved brick archways.
The licensed premises has a bistro, a quaint bar area and features 29 gaming machines.
Much like the vendor family, the new owner and his wife are expected to be “hands-on” when they take the reins.
According to the agent, this hotel’s sale forms significant turnover in recent years, pointing to a positive future for Sydney’s north west.
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“It says a lot about the amount of infrastructure and development going on out there — and even with publicans the Laundy family opening up the Marsden Brewhouse at nearby Marsden Park — it proves plenty is going into that sector.
“This sale is testament to the current and future growth in the Hawkesbury and is also a vote of confidence for Richmond.”