Clyde Mooney – editor Australian Hotelier 

One of the New South Wales Central Coast's best-known hotels has sold following a strongly contested sale campaign.

Built in 1890 on a massive block of land, the Tall Timbers Hotel in Ourimbah (pictured below) enjoys prominent street frontage in a tourist-popular area and reportedly transacted this past week for around $3.5 million, which was above the vendor's expectations.

The property was sold through Ray White Hotels, which reports more than 60 enquiries were fielded with several offers to purchase. 

Speaking to TheShout, managing director NSW Andrew Jolliffe said the transaction was a very positive sign for licensed venues outside of metropolitan areas. [continues below]

"The Central Coast has been a bit quiet in term of transactions, and this shows it is not only metro areas that have seen a demonstrable resurgence in new equity being invested into the asset class.

"The majority of enquiries were from owner-operators and experienced publicans – further evidence that the non-metro hotel space is thriving where value exists."

Jolliffe suggests there are numerous pockets of value outside metro Sydney, such as the Central Coast, Wollongong/Shell Harbour and Newcastle, and cities like Queanbeyan, which enjoys a population base in excess of 40,000 people, yet has only four pubs. 

The barriers to entry of smaller players are reduced with the cost-of-funding currently at a record low. 

For pubs currently on the market, check TheShout’s Pub Sales page.

Click here to sign up to the Pub Sales newsletter.

The Shout Team

The leading online news service for Australia's beer, wine, spirits and hospitality industries.

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