By Clyde Mooney – editor Australian Hotelier
Former AHA (NSW) and ILG head Bob Bourne has called last drinks, selling his long-time Central Coast hotel the Settlers Tavern to multi-venue operator Phil Bernie.
The 5000 square metre freehold going concern went for $2.41 million and includes two bars, indoor and outdoor gaming areas, TAB, commercial kitchen and bistro.
Bourne reportedly sold the venue he has operated for more than 30 years to concentrate on other investments. [continued below]
Transacted by CBRE Hotels in conjunction with Manenti Quinlan & Associates the hotel is part of the Settlers Complex, which includes a service station, Hungry Jacks, Red Rooster, proposed convenience store and extensive on-site parking.
CBRE's Daniel Dragicevich said the sale is another example of the high level of activity in the NSW pub market.
"The current low interest rate environment continues to make hotel investment more attractive," said Dragicevich.
"This sale is just one in a string of recent pub transactions across NSW."
The purchase of Settlers Tavern adds to Bernie's extensive hotel portfolio, which includes the Swansea Hotel and Mayfield Hotel in Newcastle.
For more on pub real estate, see TheShout's Pub Sales page.