South Hobart’s Cascade Hotel seeks $5.5m

The Cascade Hotel at No.22 Cascade Rd, South Hobart is on the market. Picture: Supplied

FOR an investor looking to get into Tasmania’s pub sector, this one might be the most coveted.

South Hobart’s Cascade Hotel has a long, successful history dating back to 1846 when it was first licensed.

Knight Frank hotel and motel expert, John Blacklow, said it was a very popular venue, and certainly among Hobart’s most desirable pubs for a number of reasons.

“It is the only one in the area, and it has a good reputation for meals and a good atmosphere,” he said.

“I previously sold it for Graeme Sice. In my opinion, he was the best publican in Hobart.

“He did a roaring trade, which set up the operators who followed him.”

Graeme Sice. Picture: Nikki Davis-Jones

The large property includes a public bar, dining area, drive-in bottle shop and beer garden, plus four apartments, a large manager’s residence and plenty of on-site parking on its 3000sq m.

The hotel’s ground floor has recently been renovated and refurbished.

The site contains two titles and two street frontages, to Cascade Rd and Wentworth St.

Mr Blacklow said as an investment, at $5.5m, the net return after all costs would be 5.74 per cent.

“In addition, there is development potential to add more accommodation units between the hotel’s beer garden and the boundary with St. John’s Hospital (Subject to Council Approval),” he said.

“Its current four apartments are always fully booked.

“As well, the hotel has a large car park at the rear, and with Hobart City Council’s priority for infill housing, this would be ideal to develop further; also subject to approval.”

The Cascade Hotel.

Over the decades, the Cascade Hotel has always had an enviable reputation.

It is currently the only hotel operating in South Hobart.

But this wasn’t always the case.

In the 1800s and early 1900s, South Hobart was home to 12 pubs.

The Cascade Hotel’s menu has steak names that honour the history of some of those public houses that no longer exist — Maid of Erin, Whippet, Greyhound, Steam Hammer and Northumberland.

The hotel maintains its presence as a meeting place and community hub, with regular music events, book launches and get-togethers.

In 1870 licensee Henry Newman grew hops on the rivulet and grazed his cattle.

Mr Newman set the scene for many publicans to come, holding a raft of community events, from sports to inquests and election meetings.

The Cascade Hotel.

For many years, the hotel was the place where Father Christmas worked, when he was not bringing excitement to local children during the annual Christmas parade.

The hotel licensee during the 1940s and 1950s, Tom Broughton, performed as the jolly red-suited figure for many years.

More recently, the hotel was purchased by Graeme Sice in 2002 from Mark Chivers, a well known Hobart basketball identity.

‘Sicey’ previously owned and operated a number of hotels and he ran the Cascade Hotel for eight years, before selling a lease to his business partner, Leigh McConnon, in 2010.

The Cascade Hotel.

The hotel was later leased to the current tenants — in July 2016 — and the freehold was then sold again in December 2019 to Stephen and Brendon Bourke, noted Hobart hoteliers.

The Cascade Hotel at No.22 Cascade Rd, South Hobart is listed with Knight Frank. It is priced at $5.5m.