Coughlan pursues $20m worth of pubs

Riversdale co-founders Patrick 'Paddy' Coughlan (pictured) and Rodney 'Ned' Kelly have re-entered the Sydney pub game by recently acquiring the Gladstone Hotel, Chippendale.

The move follows the establishment of Coughlan's latest venture Bourke St which aims to create, collaborate and or invest in innovative projects underpinned by sound fundamentals and strategic thinking.

"Chippendale as a suburb is booming right now and we just wanted to be a part of the gentrification," he told TheShout.

Coughlan revealed the Gladstone is currently under renovation and will be ready within a month.

"There will be a focus on good food, music and some art based projects upstairs," he said.

"Currently, though, it looks like a bomb site."

Coughlan also revealed the new venture will be seeking other projects in the inner west and city fringe areas.

"[Gladstone] is the perfect first step in Bourke St’s march to acquire $20 million worth of hotels in the next six months, with a focus on smaller inner city or inner west hotels," he said

"A craft brewery in Brooklyn and a late night bar in Manhattan are also on the cards for 2015."

While he remains an investor in the Riversdale Group, it’s Bourke St that is exciting Coughlan. 

He said: “It feels great to be back doing what I love, and to be building another business from the ground up. I’m open to taking on investors in Bourke St, but for now am happy to be self-propelled.” 

The private equity backed Riversdale includes former Qantas boss Geoff Dixon and adman John Singleton as investors, and in 2010 they joined Mark Carnegie to create the Australian Pub Fund which now owns over 10 pubs.

Source:  The Shout - 11th March 2015