Merivale has added the Duke of Gloucester Hotel (colloquially known as the DOG) to its extensive hospitality portfolio.
The pub had been on the market with a $30 million price tag for more than a year. The Good Beer Company bought the property, which dates back to the 1930s, in 2015 for about $17 million and undertook a $3.5 million renovation, refurbishment and reconfiguration.
The DOG is a large-format, freehold going concern asset, which typically generates roughly $180,000 in total weekly revenues. Its offer includes 19 EGMs, a 2am hotel licence and is situated within R3 medium density catchment with limited competition.
Merivale, which owns more than 80 brands and venues, said: “Merivale’s latest purchase is a strong vote of confidence in the future of the pub industry after a devastating year and an optimistic step forward in hospitality’s road to recovery.”
Merivale will receive the keys to The Duke of Gloucester in January 2021, with plans for the venue to be announced at a later date.