By Clyde Mooney – editor Australian Hotelier
A hotel on the New South Wales Central Coast has sold, continuing a run on successful venues in the area.
Located just north of Sydney – less than an hour’s drive or a ferry cruise from Palm Beach – the Patonga Beach Hotel is well positioned to become an iconic destination, in the style of Rae’s on Wategos. [continues below]
The hotel was operated for the past 30 years by owner Robert Osborne, and snapped up by a local developer for a price sources tell TheShout was in the vicinity of $8 million.
It boasts established revenue streams, with robust dining and drinking, an extensive al fresco dining area and beer garden, and absolute beach frontage on the Hawkesbury River.
It also came with approved expansion plans for the beer garden, which likely contributed to the attraction for the buyer, seeking “a pub opportunity to diversify and complement [his] existing business”.
The sale was executed through JLL Hotels, and agent Sam Handy, JLL manager – pub investment sales, suggested it flags another “buoyant” moment in pub sales activity.
“The Patonga Beach Hotel unequivocally enjoys one of the most spectacular beachfront locations of any hotel in Sydney, and is ideally poised to elevate into an even larger business via a repositioned food and beverage proposition and the activation of the approved all weather development application for the beer garden.
“Robust trading conditions, historically low interest rates, a relatively clear legislative environment and certainty of government have aligned to deliver improved purchaser sentiment and genuine buoyancy to the pub investment market.”
Mitchell Humphreys joins JLL
Also this week, the hotel sales division of JLL has announced the appointment of Mitchell Humphreys to its Melbourne team.
Humphreys brings to the team more than 15 years of experience in freehold sales, project leasing, business sales and leasing in the hospitality and leisure industry, most recently as head of Fitzroys’ Hospitality & Leisure Division.
For more on pub real estate, visit TheShout’s dedicated Pub Sales page, or subscribe to the dedicated newsletter.