The Richmond Inn Hotel in Sydney’s burgeoning North-West Sydney growth corridor has sold off-market to the Tilley & Wills Hotel Group.
High profile hoteliers Nick Wills and Simon Tilley have added the Richmond Inn to their assets, which include the Buena Vista Hotel (Mosman), Verandah Bar (CBD), Clovelly Hotel and the Greenwood Hotel (North Sydney).
“I love the Hawkesbury area, and have been keeping my eye out for the right opportunity for a number of years now,” Wills said. “There’s a whole lot happening out there, like that Redbank development at North Richmond, which is very impressive. We’ll look to put our spin on what we think is the best positioned pub in the area.”
Exclusively sold by HTL Property specialists Dan Dragicevich and Sam Handy, the transaction represents the firm’s sixth transaction within the region over the last 24 months, following sales of the Clarendon Tavern, Bligh Park Tavern, Fitzroy Hotel, RG McGees and the Royal Hotel for a combined $65million.
The Richmond Inn Hotel vendors were a private partnership of long term owners. The large format suburban hotel is situated within the main commercial/retail precinct of Richmond, and is located adjacent the ISPT owned Richmond Marketplace shopping centre; which is anchored by Woolworths and features 55 speciality stores, plus 800 undercover car spaces.
Strategically located upon a 2,996 sqm site, the hotel features a 3am liquor licence with 17 gaming machines.
The agents for the sale would not be drawn upon as to the sale price paid; however confirmed that the price achieved was reflective of both the hotel’s stature within the Richmond catchment, and the very motivated and deliberate acquisition behaviour of the purchasing group.
“While unfortunately Sydney finds itself in yet another lockdown there is a noticeable difference in tone within the market this time around,” said HTL Property National Director Dan Dragicevich. “The resiliency of pubs as an investment class was only underlined upon reopening last year and buyer appetite remains strong.”