Dilapidated King’s Head Hotel sold to SA family business
The site has sat dormant since it last sold in 2022 to a developer which planned to begin work on a 16-storey hotel in early 2024.
The once bustling King’s Head Hotel has officially been sold to South Australian family enterprise AA Advancements, reportedly for about $7 million.
The 780 square metre site, located on the corner of King William and Sturt Streets, was sold by RWC Adelaide partners Jack Dyson and Harry Einarson, along with managing partner Oliver Totani.
“This property offered an extremely rare chance to secure a triple-fronted development site with direct tram line access in the tightly held southern pocket of Adelaide’s CBD,” Dyson said.
“With its Capital City Zoning allowing for development up to 53 metres and an existing approval for a 16-storey serviced accommodation tower, the site presents outstanding potential for a major project in a location that is quickly growing in appeal.”
The site has sat dormant since it last sold in 2022 to developer to build a Ramada by Wyndham hotel. It was expected work on the 16-storey hotel would begin in early 2024.
It was sold despite backlash at the time from campaigners vying for the pub to keep the King’s Head operating as a live music venue, and to “reinvigorate” its social offering.
After the demolition of the state heritage-listed pub’s two-storey rear wing, works were abandoned, leaving the site dormant and open to vandals.
“After several false starts in recent years, this sale marks a turning point for the site,” Einarson said.
The site, which is located at 352 – 357 King William Street, boasts triple street frontage along the tram line and is located a minutes’ walk away from Victoria Square and the Adelaide Central Markets.
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“The area is a vibrant mix of residential, commercial and lifestyle offerings” Totani said.
“Combine that with immediate tram access and proximity to major city destinations, and you have one of the most well-connected and versatile development sites on the market”.
The sale marks a renewed interest in city-located, developable land, which can be attributed to improved planning certainty and transport infrastructure, according to Dyson.
“There’s a noticeable shift back toward CBD development now that cost pressures are easing and interest rates have stabilised,” he said.
“Buyers are looking at sites like this with fresh eyes and renewed confidence.”
