Iris Capital says it has seen impressive returns on two NSW pubs, The Kearsley Hotel in Cessnock and Condobolin’s Royal Hotel, which have been sold to local operators.
The pubs are both classic two-storey venues with more than 15 accommodation rooms each and strong street presences on major regional thoroughfares.
“We’re pleased to have created an opportunity for forward-thinking local operators to enter the tightly-held pub market,” Iris Capital CEO Sam Arnaout said. “The impressive sale prices achieved demonstrate that there’s plenty of interest in the sector.”
The Royal Hotel is an Art Deco hotel in Condobolin, a town on the banks of the Lachlan River in NSW’s central west region, and was purchased by Max Jones and his family who have lived in Condobolin for generations.
“The Royal is an important part of our CBD and town,” Jones said. “It’s a beautiful Art Deco building rich with original features, and we’re committed to restoring it thoughtfully. We’re taking feedback from locals to ensure that the reinvigorated Royal is relevant and able to meet its potential.”
The Kearsley Hotel, a historic venue with a high-profile position in the town centre, was bought by Mother-daughter buyers Christine Iwaszkiewicz and Katerina Skarbek who said they plan to strengthen the pub’s appeal by undertaking capital works.
“The hotel is a lovely, classical old lady with great bones and beautiful period features – but she could do with a facelift,” Iwaszkiewicz said. “We’re looking forward to creating an appealing space for locals to come together and people on their way to the Hunter Region’s vineyards to stop for a coffee.”
MQ & Associates, in conjunction with Moore & Moore Real Estate, brokered the sales. MQ’s Leonard Bongiovanni said, “Both purchasers were extremely familiar with the hotels and are excited to have the opportunity to further capitalise on their potential. The buyers intend to refurbish and upgrade The Kearsley and The Royal and return them to their former glory as regional favourites.”