Africola, Golden Boy building hits market for $3.65m

The home of Golden Boy and Africola has hit the market with a multi-million-dollar price tag. But fans of the restaurants have no need to fear.

The home of popular restaurants Africola and Golden Boy has hit the market with a multi-million-dollar price tag.

Christo Reid, who has owned the former Botanic Hotel building on the corner of North and East Terraces since the mid-1990s, is selling the ground floor and basement space while retaining the upper levels of the state-heritage listed property.

It has been listed with a price tag of $3.65m.

The sale follows the signing of two new 10-year leases with the two restaurants, which have traded from the building since 2014.

Golden Boy has converted the former bar to a dining area. Supplied by McGees Property

Mr Reid, an author and the great grandson of pastoralist Sir Sidney Kidman, said a major refurbishment of the building undertaken in the 1990s had unlocked its heritage value.

“When we bought the building it had a dilapidation order on it - it was a failed hotel and we undertook a complete restoration, guided by heritage,” he said.

“It had been butchered prior to that. Most of the walls in the basement had been taken out so the building was slumping - there was huge reinforcement work to do with new support walls in the basement.

“The building had great heritage value and as you can imagine, working with a heritage building like that, it was quite intense.”

The building was developed in the 1870s for Richard Vaughan - a key figure behind the establishment of the East End Market.

Inside Africola. Picture: Ellen Morgan

Under Mr Reid’s ownership upper level apartments were converted to commercial offices, which he plans to retain following the sale of the hospitality spaces.

“I’ve had a working relationship with James and Sondra (James Hillier and Sondra Deering of Golden Boy) for over 20 years now - they’ve been in the building for a long time and we’ve had a really good relationship.”

McGees Property managing director Simon Lambert, who’s selling the property, expects it to attract significant interest from investors.

“It really is an exquisite building and Christo has restored it to the highest of standards,” he said.

The building on the corner of North and East terraces. Supplied by McGees Property

“You’ve got these amazing two tenants - the two restaurants who have just signed a brand new 10-year lease to make sure they can stay there as long as possible.

“And it’s in an amazing location - on one side you’ve got Botanic Gardens and Rundle Park and then across the tram you’ve got Adelaide’s biggest development site in Lot Fourteen, which is going to really change the precinct.”

McGees is also selling the former Royal Arms Hotel in Port Adelaide following a dispute between its owner and the operators of the Afghan restaurant that formerly traded from the venue.

Mehdi Ahmedi and his family took over the former Royal Arms Hotel in 2015. Pic: Tricia Watkinson

The family behind Lawash Bakery at Thebarton took over the hotel on St Vincent Street in 2015 before transforming it into Bamyan Hotel – an Afghan restaurant with 15 guest rooms.

The Royal Arms, which first opened in 1878, had been closed for more than three years before Mehdi Ahmedi, his father, and another relative bought it.