The famous Pink Pub of Armidale that is no longer pink – the Wicklow Hotel – is being sold by a private investor as a freehold going concern.
Originally known as the Armidale Hotel, the Wicklow Hotel is the oldest licensed establishment in the New England region, occupying a large 1,870sqm corner lot in Armidale’s central business district.
A commanding two-storey brick building, at street level is a very large public bar, commercial kitchen and well-appointed bistro, with its own bar, gaming room holding 15 EGM entitlements, kids’ play room, and a large courtyard.
Upstairs has two large function spaces, each with its own dedicated bars, plus a separate space for meetings or private dining.
Marketing reports weekly revenue (March 2024) at nearly $60k, and the five tenants provide around $108k in passive rental income, with further potential through letting or use of existing vacant retail space.
Vendor on the property is former grain trader Wal Broun, who bought it in 2013 for a record $2.3m. Having originally acquired the pub as an investment, he told Pubtic he is “conflicted” over the sale.
“I’d be making a very different decision now if I was 15 years younger.
“There is so much upside in a site of this scale in Armidale.”
“I’m hoping to hand the keys over to someone who maximises the potential of the site – whichever direction they choose.”
The sale is being managed by specialist commercial property firm LAWD’s Nick Butler, Michael Corcoran and George Berry, with asking price of $9.85 million.
A 2023 attempt to sell by the property by expression of interest as a passive investment appears to have been unsuccessful. There has been an extraordinary turnover in Armidale pubs in recent years, with the White Bull, Grand, and Royal hotels all switching hands for millions of dollars.
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