The Feros Group has added an oceanfront pub to its portfolio with the acquisition of the leasehold interest in the Ocean Beach Hotel in Shellharbour.
The sale of the pub was handled in an off-market transaction by HTL Property’s Dan Dragicevich and Sam Handy on behalf of a private family who have owned the property since 1992.
The Ocean Beach Hotel sits in a prime location between Shellharbour North and South beaches with unobstructed views of the Pacific Ocean, and the new custodians have plans to undertake a substantial renovation through a multi-million capital expenditure program.
Feros Group’s vision for the pub, which has been operated by the Dennis family for over 20 years, will take advantage of its prime position and reimagine the space as a full-service hospitality destination.
Chris Feros, director of Feros Group, said: “We love the South Coast area having already invested heavily in the wider region through our venue at Berry and development at Bingara Gorge. The Ocean Beach is a fantastic addition to our portfolio of which we are truly excited to take the reins and have big plans which we can’t wait to share with the community.”
The hotel joins Feros Group’s strong portfolio of New South Wales venues, which includes the Prince Hotel in Kirrawee, Engadine Tavern and Highfield in Caringbah, Berry Hotel, Heathcoate Hotel and the Taren Point Hotel, with further plans for greenfield hotel sites set for the next few years, including the Parc Pavilion in Cronulla.
Speaking about pubs potential, Dragicevich said: “Scalabale absolute beachfront hotels offer unparalleled trading advantages, especially across food and beverage revenue centres, and the Feros Group’s expertise will no doubt establish the venue as a must visit for South Coast locals and tourists alike.”
The pub is within close proximity of the Fraser Properties $2.3bn Shell Cove Master Planned community, which will total 3000 residential lots, a town centre, harbour and 300-berth marina, in an area that has seen significant interest from publicans in recent years.
Within the Illawarra region, HTL Property has already handled a number of high-profile transactions that include the Corrimal Hotel at $32m, the Central Hotel and Five Islands Hotel at $25m each, the North Nowra Tavern at $23m and the Lake Illawara Hotel at $15m.