Publican Charlie Redmond and his family have acquired the leasehold of the Coast Hotel in Coffs Harbour for $2.8 million.
Redmond has been looking for a new pub project after exiting the Railway Hotel in Armidale earlier in the year.
“Coffs Harbour was most certainly a target location for me. With a population of almost 60,000 people and growing, along with strong tourism drivers, it ticks a lot of the boxes,” stated Redmond.
“I’m fortunate to be taking over a strong and established business and am excited to add my own touches to this vibrant community.”
Located 540km north of Sydney and 390km south of Brisbane, Coffs Harbour is the fifth largest regional centre (excluding Newcastle and Wollongong) in NSW, and due to its coastal positioning, enjoys an impressive increase in activity over the summer months.
The off-market sale was negotiated by JLL’s Kate MacDonald, who highlighted the significance of the transaction.
“[It] reflects the biggest price for a stand-alone leasehold hotel in regional NSW, possibly ever. Despite changing economic conditions, this result showcases the continued resilience of the asset class.”
The Coast Hotel is located on a 1,600 sqm corner lot on the main thoroughfare of Coffs Harbour, and boasts a valuable late licence with 15 GMEs, public bar, bistro and dining area, large beer garden, first floor trading area with separate bar, and 17 years remaining on the lease.