Historic Adelaide live music pub offered for less than $1m
Thirsty for an investment property you can pour your heart and soul into?
A historic pub and popular live music hotspot in Glanville is offering prospective buyers a golden hop-ortunity to tap into multiple trades.
The 150-year-old Cumberland Hotel, also known as ‘Live At The Cumby’, at 76 Causeway Rd has hit the market with a $990,000 price tag.
Its sale will include the 1870-built premises, which has seven bedrooms in addition to the commercial dining area, and its business with hotel and gaming licences.
The sale includes the building and the business with hotel and gaming licences.
McGees Property hotels and hospitality director Grant Clarke, who is selling the pub, says the owners have worked hard to transform it into one of Adelaide’s best live music venues.
“The family has owned the hotel for more than 13 years and had various tenants but for the past three years, they’ve been running it,” he said.
“They’ve spent more than $200,000 upgrading the hotel over the past two-and-a-half years and actively promoted the live music scene for the pub.”
There is an alfresco area at the rear of the property.
Clarke says the owners are selling the property so they can retire.
The two-storey building is on a 1016sqm block over two titles and has a main bar, several dining areas, a stage, a commercial kitchen and six gaming machines downstairs.
Upstairs, there are male and female toilets and seven rooms for accommodation.
Clarke says there are currently tenants occupying some of the rooms at $52,000 a year.
It has three street frontages – Causeway Rd, Exmouth Rd and Carlisle St.
“They’ve got some permanent residents up there so that’s a form of income as well,” he says.
There is also a large alfresco area at the back of the property with a stage, some street dining space at the front of the hotel and a dry cellar for storage.
Clarke says investors, developers and prospective buyers keen to continue running the pub and renting the rooms out have expressed interest in the building so far.
This article from The Advertiser originally appeared as “Glanville’s 150-year-old Cumberland Hotel offering fruitful investment opportunity”.
