Your chance to place your mark on two beloved pubs
Two of the city’s best-loved watering holes have hit the market, giving you the opportunity to leave your mark on Adelaide’s hospitality scene.
Adelaide’s Cumberland Arms Hotel, at 205 Waymouth St, and The Gallery bar at 30 Waymouth St, are both for sale, giving investors and hospitality operators the opportunity to continue the traditions of each of these beloved establishments.
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The properties have hit the market via an expressions of interest campaign – without a price guide – through real estate agency JLL.
SAILIS documents show the Cumberland Hotel is owned by Cumby Freehold Pty. Ltd, and The Gallery is owned by 3032 Waymouth Street Pty. Ltd. – both of which ASIC documents list Thomas Waltham, John Waltham and Alexander Taylor as office holders.
Selling agent Ben Parkinson said the properties were being sold as a “freehold going concern interest”, meaning they would continue operating as their current businesses, with no plans to close, until handover.
The buyers would then own both the buildings and the businesses run out of them.
“Available for sale individually or as a combined investment, these two properties represent an outstanding chance to secure established hospitality businesses with prime underlying real estate in the heart of the Adelaide CBD,” Mr Parkinson said.
The state heritage-listed Cumberland Arms Hotel dates back to 1846, with co-agent Will Connolly describing it as a true icon.
The Cumberland Arms Hotel which is for sale. Pic: JLL
The Cumberland Arms Hotel which is for sale. Pic: JLL
The Cumberland Arms Hotel which is for sale. Pic: JLL
“The hotel has a longstanding reputation as a popular destination for locals and visitors alike,” he said.
“With a patron capacity of 731, multiple indoor and outdoor function areas, a large beer garden with a retractable roof, and a five-machine gaming room, this venue offers an unparalleled hospitality experience in Adelaide’s CBD.”
Recently renovated, the hotel has a gross lettable area of 936sqm, a licence for 15 gaming machines; a front bar, a lounge bar and a restaurant.
It also has a first-floor function room with a service bar, balcony, bathrooms, and a modern commercial kitchen.
The multi-level The Gallery offers 850sqm of gross lettable area and a liquor licence for 530 patrons.
It has a ground-floor function room, first-floor bar and lounge area, and a rooftop bar with a retractable roof, as well as a commercial kitchen, and a basement level with a manager’s office, cold room, and storage.
The Gallery on Waymouth, which has just hit the market. Picture: JLL
The Gallery on Waymouth, which has just hit the market. Picture: JLL
“Its prime city location ensures strong patronage, while a retail tenancy occupied by Cibo provides additional income security – making it a highly versatile investment,” Mr Parkinson said.
Fellow selling agent Jack O’Leary said both properties had strong trading histories and had demonstrated consistent revenue growth.
“Opportunities to acquire freehold hospitality assets of this scale and quality in the CBD are extremely rare,” he said.
“Whether purchased individually or together, they present long-term value and growth potential.”
Expressions of interest for both properties close on Tuesday, April 8.
