Adelaide pub Eight Dragons has been acquired by Victorian publican John Upham and Shogroup’s James Wynne.
The pair have secured a 37-year leasehold of the Chinatown venue and have already commenced a multi-million dollar renovation of the pub, which will see the installation of a new public bar, food concept, and 175sqm gaming room.
“We see the market, and this asset class in particular, brimming with opportunity right now,” says Wynne.
“Our investment in Eight Dragons is exemplary of the type of impact we want to have – I believe this redevelopment will be a catalytic investment for Adelaide’s CBD, in particular for Chinatown and the surrounding market district.”
Upham has had a lengthy hospitality career, owning upwards of 60 pubs over the past 50 years, notably selling the Lorne Hotel to Merivale for a reported $38 million.
Meanwhile, Shogroup has operated pubs including the Dunkirk Hotel in Sydney’s Pyrmont.
Eight Dragons is set to reopen its doors in June 2024, joining the $400 redevelopment of the Central Market and Chinatown precinct that will operate 18 hours seven days a week at its completion.