Cabarita Beach Hotel, on New South Wales’ Far North coast, has been sold by the McElhone family to Andrew Turnbull’s Investment Management Group (IMG).
Situated between Byron Bay and Tweed Heads, the beachfront hotel is located metres off Cabarita Beach. Emma Turnbull, Andrew’s daughter and Cabarita Beach local will be the venue’s new licensee. Having moved to the north coast region three years ago, Emma aims to incorporate local knowledge and understanding of the region’s culture with the management of the hotel.
“We recognise the incredible business that John and his family have built, and their longstanding commitment to this Cabarita landmark. We’re excited to contribute to Cabarita’s rich hospitality landscape by building on the venue’s established foundation,” said Emma Turnbull.
Occupying a floor area of 2,500 sqm, the venue includes a bar, bistro, gaming room with 15 GMEs, separate bottle shop and on-title car parking. There is a main bar on the top deck overlooking both parklands and ocean.
HTL Property’s Glenn Price and Blake Edwards brokered the deal, and remarked on the growing interest in the North Coast market due to increased tourism.
“The Far North Coast is still a particularly coveted region for visitors and investors alike, and unsurprisingly this unique asset had absolutely no trouble attracting attention from buyers. We are seeing a noticeable uptick of activity in the second half of the year, and expect to announce several more sales in the coming weeks and before year’s end,” said Edwards.
“We are very grateful for the trust the McElhone family placed in Blake, myself and HTL; and are genuinely excited about their future away from the pub. At the same time we wish Andrew, Emma and the other IMG shareholders all the very best of luck with their iconic new asset,” Price said.
The Cabarita Beach Hotel is the latest addition to the IMG portfolio, with the majority of the assets located in Central West NSW. IMG purchased The Royal Hotel in Orange, The Dudley Hotel in Bathurst, The Castlereagh Hotel in Dubbo, The Federal Hotel in Wellington as well as the Federal Hotel in Mudgee back in 2021.