Kelly & Co Hotels, led by publican Rodney ‘Ned’ Kelly, has sold the Old Bar Tavern on the NSW Mid North Coast in what is believed to be the fastest on-market transaction for 2023 in the state.
The pub, which was on the market for just five days, has been acquired by Nicholas Quinn and Jesse Overvliet. The duo had already show confidence in the area with their acquisition of the Manning River Hotel for $20m for O’Hara & Co Hotels. Quinn is the managing director of the group, with Overvliet operating the Manning River Hotel.
“It’s a terrific pub in an outstanding community, and whilst I am nostalgic about the sale, this result supports our strategy for consolidation in 2023,” said Kelly.
Situated two hours north of Newcastle and 15km from the nearest hotel competitors in Taree, Old Bar Tavern boasts one of the largest landholdings anywhere on the NSW Coast at 5.74 hectares, sitting in a growing residential catchment.
The venue currently holds 18 gaming machine entitlements (GME) on its license, three of which are leased, with approval for a further five in a newly renovated game room. Other trading zones include a drive-through bottle shop, bar and bistro, with the hotel’s total weekly revenue exceeding $117,000.
The transaction was announced by JLL Hotels & Hospitality Group, having been facilitated by JLL Senior Vice President Kate MacDonald and Vice President Greg Jeloudev.
“The sale of Old Bar Tavern highlights the market’s resilience even after a further interest rate hike on Melbourne Cup Day,” says MacDonald.
“Opportunities on large landholdings with a diversified mix of trade and genuine operational upside are still garnering interest from astute operators with long-term investment horizons.”