Hospitality investment manager and operator Harvest Hospitality (formerly Harvest Hotels) has sold The Milestone Hotel, Dubbo and The Aussie Inn, Adelaide for a combined value exceeding $50 million, delivering strong returns to its investors.
Milestone Hotel sat in the original Harvest Pub Fund 1 (HPF1), while The Aussie Inn sat in its Adelaide-focused fund, Harvest Pub Fund 3 (HP3).
The sale of The Aussie Inn, located in Hackham in outer Adelaide, was brokered by Terry Board of TJ Board for an undisclosed sale price, with the transaction is expected to settle in October 2025. During its three years of ownership, Harvest made substantial operational and capital improvements, driving both the revenue and reputation of the venue. In 2024, the drive-through bottleshop won IBA’s Retail Manager of the Year and last year’s major redevelopment led to The Aussie being dubbed the “Super Pub of South Adelaide.”
“The Aussie Inn was one of our first purchases in the Adelaide pub market. The successful implementation of our strategy has delivered significant revenue uplift which in turn has produced a great return for our investors,” stated Harvest Hospitality CEO and co-founder Chris Cornforth.
“Overall, our team is proud of the venue and the experiences we’ve created for our patrons and the local community over the past three years.”
The Milestone Hotel in Dubbo was sold on a freehold going concern basis. The transaction was brokered by JLL’s Kate MacDonald, Greg Jeloudev and Ben McDonald, and is expected to close in December 2025.
“We congratulate Chris, Fraser and the team at Harvest Hospitality on the strategic divestment of the Milestone Hotel. This sale highlights the execution skillset of Harvest as investment managers to recycle capital for the benefit of their unitholders,” stated MacDonald.
At the beginning of the year, Harvest unveiled a revitalised look at the Milestone Hotel, with key upgrades including the removal of an in-venue bottle shop, the addition of a new public bar with wagering facilities and the expansion of the bistro; along with new furniture, fixtures and equipment.
The trading footprint covers three distinct floors, being a ground floor public bar and bistro spaces, several segmented lower ground function areas and first-floor open plan function space. The hotel also features 29 gaming machines – the most in one venue in Dubbo – operating under a 2am license. Total weekly trade currently exceeds $90,000 (ex.GST) generated via food and beverage, gaming and wagering.
“During Harvest’s ownership of The Milestone, we’ve focused on elevating the dining experience and building a loyal customer base. The operational improvements we have made together with some minor capital works has improved the venue’s appeal and made the asset an attractive acquisition target,” stated Cornforth.
The buyer of the Milestone Hotel has been identified as well-known hotelier Barham Hamarashid, who adds the venue to a growing stable of hotels throughout NSW. Hamarashid’s portfolio includes Hotel Cecil and the Tattersalls Hotel in Casino, Winmalee Tavern, Highlands Hotel in Mittagong and The Mill in Bondi Junction. The publican was drawn to the opportunity due to the Milestone Hotel’s regional positioning and the growth prospects of Dubbo, being the largest inland centre in NSW.
The buyer of the Aussie Inn was not disclosed, but Cornforth congratulated both successful parties.
“Both The Aussie and The Milestone have been fantastic pubs to have as part of our portfolio and we look forward to seeing what’s in store at both venues under new ownership.”
Gearing up to a new growth strategy
The sale of these two hotel assets are part of the continuing execution of Harvest’s investment strategy in relation to HPF 1 and HPF 3. In addition to the sale of optimised venues, Harvest will continue to execute operational and capital improvements at its remaining assets prior to selldown.
Harvest is expanding its investment offerings with the launch of two new funds designed to offer investors access to the value of Harvest’s platform while pursuing distinct investment strategies.
“Our focus has always been on creating great experiences, enhancing pub performance, delivering strong returns for investors, and driving Harvest’s growth. Selling these optimised assets demonstrates our delivery of that strategy. The sales also complement the launch of our two new funds which will enable us to expand our core pub business.
“These new funds are designed to give investors access to well operated, profitable assets while addressing their specific investment objectives of capital growth and income generation.”
Harvest Hospitality will begin a capital raise for the two new funds in the coming weeks.