Inner-city pub and venue listed for sale
Two Waymouth Street venues are on the market, months after the planning authority approved an apartment tower behind one of the historic pubs.
The historic Cumberland Arms Hotel on Waymouth Street has hit the market months after the State Commission Assessment Pannel (SCAP) approved plans for a 56.5-metre-high apartment tower to rise on a site behind it.
Down the street, the high-profile venue The Gallery is also for sale.
Brokers JLL describe the opportunity to buy the Cumberland Arms Hotel and The Gallery as “a rare opportunity”, with both venues “steeped in history”.
JLL is now running the sale of the freehold going concern interest in both venues via a national expressions of interest campaign.
The two venues are available individually or as a combined investment, according to JLL’s Ben Parkinson.
“These two properties represent an outstanding chance to secure established hospitality businesses with prime underlying real estate in the heart of the Adelaide CBD,” Parkinson said.
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The Cumberland Arms Hotel is a state-heritage listed building dating back to 1883 and was previously named the Crown and Anchor. Its interiors were recently renovated and features 936sqm of lettable area and a licence for 15 gaming machines.
JLL’s Will Connolly said the hotel was a “true Adelaide icon, blending history with modern hospitality”.
“The hotel has a long-standing reputation as a popular destination for locals and visitors alike,” Connolly 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.”
Its listing comes after SCAP approved an 18-storey apartment tower on a site behind the Hotel including 80 build-to-rent apartments.
The new development will sit on a 659 square metre site and will front Elizabeth Street. No demolition work to the Cumberland Arms is proposed and a two-storey home sits between the development site and the heritage pub.
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InDaily asked JLL if the current owners had the development in mind when looking to divest the properties and was told it was not a consideration.
The Gallery on Waymouth is also on the market. Photo: Facebook
The Gallery meanwhile, located at 30 Waymouth Street, is a multi-level hospitality venue with 850sqm of gross lettable area and a liquor licence for 530 people.
The venue also includes a commercial kitchen, beer garden, and a basement level with a cold room and storage.
“It’s prime city location ensures strong patronage, while a retail tenancy occupied by Cibo provides additional income security – making it a highly versatile investment,” Parkinson said.
JLL’s Jack O’Leary said the high-profile location, significant patron capacity and strong revenue potential were key selling features of the two properties.
“With their prime city locations, loyal customer bases, and diversified revenue streams, The Gallery and Cumberland Arms Hotel offer compelling investment propositions,” O’Leary said.
“Both present a strong trading history and consistent revenue growth.
“These two venues, both within the Capital City Zone are an integral part of Adelaide’s hospitality scene. Opportunities to acquire freehold hospitality assets of this scale and quality in the CBD are extremely rare. Whether purchased individually or together, they present long-term value and growth potential.”
