Iconic pub The Lion Hotel up for sale as part of North Adelaide ‘super-site’
The Lion Hotel, one of Adelaide’s most awarded hotels, is up for sale, and will be sold along with an adjoining office block – together covering nearly 5000sqm.
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The Lion Hotel, one of Adelaide’s most awarded hotels, is up for sale for the first time in over 20 years, and will be sold along with an adjoining office block together covering nearly 5000sqm.
JLL’s Hotels & Hospitality Group Vice President Will Connolly and Roger Klem, Head of Sales & Investment South Australia, are selling the iconic hotel, with expression of interest sought by November 22, at 4pm.
Owners Tim Gregg and Andrew Svencis have decided to sell the high profile hotel they’ve owned, refurbished and operated since 1996.
“When we took over the hotel and historic brewery it was very run down and totally out of sync with the broader market and the vibrant local precinct,” Mr Gregg said.
“It’s been quite a journey, with many State and a few National Awards along the way, and more importantly a great staff and management team, and lots of wonderfully loyal customers.
“We’ve been blessed with great people for years and are starting to find it a bit too tempting to ease off our own involvement these days and think it’s time to make our exit.”
Mr Connolly said North Adelaide had a lot to offer to astute investors, with amalgamated sites of this size rarely available in the prized North Adelaide city fringe area.
“It will attract interest in South Australia and nationally as an attractive option for local and national hoteliers groups looking to expand their capital city portfolios or investors seeking a much higher holding income on this development site than alternative land-banking opportunities,” he said.
The adjoining three-level office block at 183 Melbourne St sits on a 1725sqm and covers 2888sqm of lettable space with 11 mostly long-standing tenants including well-known South Australian wool brokers the Michell Group and Mortgage Choice.
“There is good demand for commercial investment property in this part of Adelaide,” Mr Klem said.
“This property is just 3km from the Adelaide CBD and close to major transport routes which makes it attractive to potential buyers and investors.
“It is also attractive because of its long history of a consistent income combined with a staggered lease profile.
“There has also been regulatory changes to lift the height restrictions so development in the future is definitely a strong option for the buyer.”