Sydney's Duke of Gloucester Hotel listed for $30 million

The Duke of Gloucester Hotel, located in Sydney's Eastern suburbs has been listed for sale with a price tag of $30 million.

HTL Property's Sam Handy and Daniel Dragicevich hold the listing.

This campaign follows the recent sale of a number of Eastern Suburbs pubs including the Centennial Hotel (Woollahra), Royal Hotel (Bondi) and Bondi's Icebergs Bar and Dining Room.

Affectionately known by locals as the 'DOG', the hotel has been operated under management by the Good Beer Company on behalf of a private syndicate.

“We’ve had several unsolicited approaches to buy the DOG in recent times and decided to put it to market to focus on our redevelopment of the Keg & Brew”, commented owner John Azar.

The syndicate acquired the hotel in a discreet off-market transaction from Newhaven Hotels in 2015 for a reported $17 million and immediately activated a $3.5 million renovation, refurbishment and reconfiguration.

The hotel, which boasts a 2am liquor licence and only has 19 gaming machines makes annual revenues in excess of $8 million.

It was #425 on OLGR's Dec-18 quarter rankings and outside of some hardware upgrades, the gaming room has remained largely untouched since the sale some four years ago.

HTL Property's Director Sam Handy advised, "the Duke of Gloucester Hotel is surrounded by several TOP 200 gaming rooms, all with the maximum gaming machine holding of 30 machines."

"An incoming purchaser would be strongly advised to immediately increase the hotel’s machine holding from 19 to the allowable 30 and doubling the size of the gaming room by extending into the existing TAB and smoking area," he added.

Set on a 746 sqm landholding it is situated at the cross section of Frenchmans Road and Clovelly Road in Randwick.

Spanning two levels the holding consists of three bars, two kitchens, TAB, designated gaming room and multiple outdoor areas. 

The Duke of Gloucester Hotel is being sold via private treaty.