A property developer has bought Crown and Anchor Hotel on Grenfell Street – established 1853 – three years after securing approval to build a 13-storey apartment building next door.
InDaily reports that South Australian developer Karidis Corporation has purchased the local heritage-listed hotel, situated on the corner of Grenfell Street and Union Street in the East End.
Impact of nearby development behind the sale
Kevin Gregg and Greg Fahey, who had owned the Crown and Anchor for more than five years, sold the property to Karidis in September. They indicated the potential long-term impact of apartments being built next to the pub was part of the pair’s reasoning for selling the business.
In 2013, the Development Assessment Commission approved the developer’s plans for an apartment complex on the land adjacent to the Hotel.
The project is reportedly worth $50 million and will include apartments, retail tenancies and office space.
An Adelaide City Council spokesperson said in a statement: “Development plans for the site next to the Crown and Anchor have been approved by the Development Assessment Commission, but no plans in relation to the Crown and Anchor itself have been lodged.”
“The Crown and Anchor is heritage listed so demolition of the hotel is unlikely to be supported by Council, noting that Council has not been notified of any intentions for the site.”