Greg Maitland has furthered his portfolio sell-down with divestment of the long-standing Republic Hotel in the heart of Norwood.
Set on a commanding 3,327sqm corner site, the multi-award-winning Republic is a two-storey Victorian stone building offering sports bar, large restaurant and private dining rooms, gaming room with 32 machines and dedicated bar, multiple function rooms, and an expansive beer garden.
It was recently refurbished and holds future to redevelop (STCA) in what is one of Adelaide’s most desirable suburbs, courtesy of its ‘Suburban Business’ zoning. Norwood is seeing a boom in medium-density housing and development, largely stemming from the state government’s urban renewal plan.
Maitland’s GM Hotels – known until 2015 as Independent Pub Group – has divested much of the portfolio in recent years.
One of South Australia’s most active hoteliers, Maitland is understood to have been involved in over $235 million in pub transactions across the state over the past 18 months.
“I’ve loved my time at the Republic Hotel and establishing the venue to what it is today in the incredible suburb of Norwood,” says the veteran hotelier.
“We wish the new operators all best with their plans for this fantastic venue.”
The pub was put to market in March via an on-market Expressions of Interest campaign through JLL’s Will Connolly and Ben Parkinson in conjunction with Terry Board of TJ Board.
Looking to a sale price of circa $10 million, the freehold going concern has now sold to an unnamed investor.
The Hotel reportedly generated interest from local buyers as well as from both Queensland and Victoria, indicating the current national appeal in the state’s pub market.
“It shows that our eastern state-based publicans are still drawn to high quality South Australian opportunities,” says Connolly.