10 Sep 2019
Words The Advertiser

Historic Hotel For Sale

A well-known Adelaide CBD hotel is set to change hands as its leasehold goes up for sale.

The heritage listed Hotel Richmond, built in 1926 and extensively renovated, is the only venue of its type with accommodation on Rundle Mall.

The property has 30 rooms with marble bathrooms, two function areas, a popular upstairs bar and restaurant, a downstairs bar with 32 gaming machines along with lotteries and UBET.

The leasehold is being sold by ResortBrokers South Australia specialist Kelli Crouch who described Hotel Richmond as a rare combination of classic colonial charm in a great location with the benefit of multiple income streams.

"The clientele is a healthy mix of sophisticated locals who love the high-end bars and restaurant, and corporate travellers and domestic and international leisure tourists who want to stay in elegant accommodation in the best location in Adelaide," Mrs Crouch said.

The original property on the site was the Cornwall Inn which opened in 1839, was rebuilt and became the Plough and Harrow in 1844 and was rebuilt again in 1926 when it became the Hotel Richmond.

The hotel has been consistently refurbished and upgraded and it has a lounge bar and restaurant which can be reached by elevator on level one. It has a balcony which overlooks Rundle Mall and can be booked for functions.

The hotel is also the venue of Fashion First, which launched in 2015, as an initiative by Hotel Richmond to support up and coming SA fashion designers. The construction of Adelaide's tallest tower, Realm Apartments is due for completion in 2020. Realm will be adjacent the hotel and with 40 levels, 311 luxury residential apartments and 93 per cent of the building already sold, is expected to drive additional clientele.

A long-term lease is in place for the Hotel Richmond with 28 years remaining.