Pictured above: The Republic Hotel
The freehold going concern of Adelaide’s long-standing Republic Hotel has come to market, with the award-winning venue sure to test both operator and developer appetite amidst a frenetic South Australian market. The Republic is being offered exclusively for sale by JLL’s Will Connolly and Roger Klem, in conjunction with Terry Board of TJ Board via Expressions of Interest.
Occupying a commanding corner site in the heart of the prestigious inner-city suburb of Norwood, the Republic offers a rare and flexible opportunity to acquire and trade a multi-award winning city fringe gaming hotel or secure for the future to redevelop (STCA) a dominant corner site in one of Adelaide’s most desirable suburbs.
Having been beautifully refurbished in recent times, the Republic offers high-end facilities throughout, comprising a large restaurant, sports bar, private dining rooms, 32 electronic gaming machines with a dedicated bar, multiple function rooms and an expansive beer garden. positioned on an expansive corner site of 3,327 sqm with favourable ‘Suburban Business’ Zoning.
JLL’s Senior Vice President of Hotel Sales, Will Connolly, expects the interest level to be high given the presentation of the existing asset and the high volume of transactional activity within the SA market, commenting, “We expect the Republic to be hotly contested by current operators from within the SA market as well on the national front, evidenced by recent landmark pub acquisitions via interstate operators completed within the past 12 months”.
The suburb of Norwood has experienced a recent spike in developmental activity as part of the SA Government’s urban renewal plan, with recent nearby projects nearing completion, such as ‘Norwood Green’, which will deliver 200 luxury apartments and 33 townhouses upon completion. A ‘town piazza’ will form part of the plan, which includes multiple retail sites and other open-plan areas, along with an ALDI supermarket already completed.
Roger Klem, Head of JLL’s SA Capital Markets, sees continuing demand for infill residential sites within the Norwood precinct. “Medium density housing is currently booming in Norwood, with the Amulet Property redevelopment of the former Otto’s Timber site diagonally opposite the Republic and three large multi-rise projects on The Parade including atop the new Coles supermarket currently under construction. Prime corner sites that offer high levels of amenity are being targeted by low and medium density developers throughout Norwood and Kent Town. We expect these developers will seek to unlock the full potential of the Republic Hotel site as just one option for the sale”, concluded Klem.
The Freehold Going Concern interest in the Republic Hotel is available via Expressions of Interest closing at 5 pm Wednesday 12 April 2023.
