In a surprising turn of events, two of Canberra’s most esteemed hospitality venues, the Parlour Wine Room and the adjacent High Jinks bar, are set to be auctioned without reserve. This decision comes less than a year after the current owner, Kevin Steadman, took over the establishments located in New Acton.
Steadman, who acquired the businesses in 2024, cited personal circumstances and the ongoing construction of Stage 2A of the city’s light rail project as reasons for the sale. “It is certainly disappointing, and it certainly wasn’t in my plan [to sell],” Steadman expressed, emphasizing the unexpected nature of the decision.
Historical Significance and Recent Developments
The Parlour Wine Room, a historic venue with a rich legacy, has been a staple in Canberra’s hospitality scene. Since taking ownership, Steadman has maintained much of its traditional charm while adding his personal touches. The venue, which was partially destroyed by fire in 2011, has been tastefully rebuilt and continues to attract a loyal clientele.
According to selling agent Patrick Pentony of Capital Commercial Business Sales, the auction will be conducted without a reserve price. “If there is one registered bidder, they will buy it at the price they choose,” Pentony explained, highlighting the unique nature of the sale. Despite the impending auction, Pentony remains optimistic about the future of the businesses, noting that weddings are booked at Parlour until April 2026.
Market Interest and Potential
The auction has garnered significant interest both locally and from interstate, particularly from notable hospitality figures in Sydney. “This is a well-regarded venue. By his own admission, the owner has bitten off more than he can chew,” Pentony remarked, acknowledging the challenges faced by Steadman.
Despite the lack of financial history due to the recent acquisition, the businesses are seen as having strong potential to continue making a mark in Canberra’s vibrant hospitality industry. The no-reserve auction format could attract a diverse range of bidders, potentially leading to a competitive sale.
Implications and Future Prospects
The sale of Parlour Wine Room and High Jinks without a reserve price is a rare occurrence in the hospitality sector, especially for venues of such repute. This approach may set a precedent for future sales, particularly in a market that is constantly evolving due to economic pressures and changing consumer preferences.
As the auction date approaches, industry experts will be watching closely to see how this unique sale unfolds. The outcome could provide insights into the current state of the hospitality market in Canberra and beyond, offering valuable lessons for business owners and investors alike.
Looking ahead, the successful bidder will have the opportunity to build upon the strong foundation established by Steadman and previous owners. With its historical significance and prime location, the Parlour Wine Room and High Jinks are poised to continue their legacy as key players in Canberra’s dining and entertainment landscape.
