Port Adelaide’s Newmarket Hotel sells to interstate buyer for $4m

The huge investment underway in Port Adelaide continues with one of the area’s most prominent pubs selling to an interstate buyer for millions of dollars.

One of the Port’s most recognisable pubs the Newmarket Hotel has sold to a Victorian buyer for $4m.

The pub, located on the corner of Commercial Rd and Dale St, is one of the port’s most Instagrammed spots, due to a stunning mural of a ship that was painted on the hotel’s rear wall as part of the hugely popular Wonderwalls festival.

Victorian pub owner David Tomsic, who runs the Black Rhino Hotel Group with his wife

The Newmarket Hotel at Port Adelaide has been sold for $4m. Picture: Paula Thompson

Deborah Mathieson-Tomsic, bought the Newmarket Hotel.

The couple own about 20 pubs in Victoria.

Port Adelaide Enfield Mayor Claire Boan said investors already in the Port were helping to transform the area and it was exciting to see new players coming on board.

Ms Boan said this recent deal highlighted just how much interest there is in investing in the area.

“It’s not just the people who live in Port Adelaide who love it, outsiders are seeing the potential for the area,” she said.

“To have new people seeing the potential in Port Adelaide, it’s great for the region.

“It’s particularly encouraging to see interstate investors looking at Port Adelaide as a destination to invest in.”

Other major investments happening in Port Adelaide include the $60 million Rydges Hotel, which has been approved to be built at the Port Adelaide waterfront, and a $12m apartment redevelopment at the site of the former Labor Party-owned Colac Hotel.

Construction on Starfish’s MH Hotel, in the old Marine and Harbours building on St Vincent Street, is also set to begin this year.

The Newmarket Hotel at Port Adelaide has been sold. Picture: Paula Thompson

The new owner of the Newmarket Hotel, Mr Tomsic is a former builder who has focused on renovating and upgrading venues with previous projects.

“Our plans are to buy pubs and keep the existing staff on, inject some capital into them, upgrade the product on the floor and deliver high quality venues back to the patrons and locals,” Mr Tomsic said.

The Newmarket Hotel’s sale was negotiated by McGees and CBRE Hotels.

The pub has 32 gaming machines, dining facilities, a public bar with TAB facilities and upstairs rooms.

Another prominent Port Adelaide pub, the Royal Arms Hotel, which is located opposite the Port Adelaide Magistrates Court is under contract at the moment.