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 greenback renovation of the pub, which can see the set up of a brand new public bar, meals idea, and 175sqm gaming room.
“We see the market, and this asset class specifically, brimming with alternative proper now,” says Wynne.
“Our funding in Eight Dragons is exemplary of the kind of influence we wish to have – I consider this redevelopment will likely be a catalytic funding for Adelaide’s CBD, specifically for Chinatown and the encompassing market district.”
Upham has had a prolonged hospitality profession, proudly owning upwards of 60 pubs over the previous 50 years, notably promoting the Lorne Lodge to Merivale for a reported $38 million.
In the meantime, Shogroup has operated pubs together with the Dunkirk Lodge in Sydney’s Pyrmont.
Eight Dragons is about to reopen its doorways in June 2024, becoming a member of the $400 redevelopment of the Central Market and Chinatown precinct that may function 18 hours seven days per week at its completion.
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