There’s no doubting that the regional pub sales market is hot right now, and the heat appears to be staying around with two more sales this week.
The Milestone Hotel in Dubbo was sold this week in an off-market sale by JLL Hotels & Hospitality Group in conjunction with Knight Frank Australia. JLL Hotels Vice President, Kate MacDonald, alongside Knight Frank’s Mike Wheatley, facilitated the transaction advising the purchaser, Sydney-based Pub Fund, Harvest Hotels (Harvest), who add the Milestone Hotel to their growing stable of assets including Brady’s Railway Hotel in Albury, and the newly refurbished Courthouse Hotel in Tamworth.
MacDonald said: “The picturesque Milestone Hotel was originally built in 1881. After many years as a mixed-use property, the pub was fully restored by the family in 2005 and has become a favourite in Dubbo, one of the strongest regional towns in NSW.
“The acquisition further highlights the ongoing confidence in the regional pub market, where despite contracting yields, the appetite to obtain assets in unprecedented growth regions remains high.”
Harvest founders Chris Cornforth, and Fraser Haughton have more than 15 years of experience in the hospitality industry and say they are committed to operating the best pubs in the best towns and believe that a local pub is a vital community pillar.
Haughton (pictured above) said: “The Milestone is a high-quality building and really fits the mould for the type of pub that we operate, so it was great to work with JLL and be able to secure the venue.
“In time we look forward to building on the impressive footprint The Milestone has in the centre of Dubbo, but most importantly right now we look forward to taking over the reins and adding our own touches to this great pub.”
Meanwhile a Martin Short, Sean O’Hara and Jamie Malouf consortium has acquired the Moonee Beach Tavern in Coffs Harbour from the North Coast Hotel Group.
The Moonee Beach was another off-market sale, with this one conducted by HTL Property’s Blake Edwards.
After buying the venue, Short said: “Moonee Beach is an exciting addition to our already strong and growing Mid-North Coast portfolio. It’s a high quality asset left in good stead by the previous owner.
“We’re excited to further immerse ourselves in the local community, engaging with the many sporting and family groups at its heart.
“This opportunity further adds to what we’ve known and loved about the town over the last five years, and we’re looking forward to its next stage of growth.”
Edwards added: “We’re delighted to have represented Harry and the North Coast Hotel Group in what is our fifth significant Northern NSW coastal hotel sale in the past 12 months.
“Matching active and qualified buyers with A-grade properties around NSW has been a rewarding endeavour, and we look forward to doing so with greater regularity over the remainder of the year.”
And highlighting just how hot the market is just now JLL said that it has many more imminent sale announcements and that the group is discussing a number of off-market appointments with its clients.