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HTL Property agents Dan Dragicevich and Andrew Jolliffe advised on the Beach Hotel deal, saying it comes with a development approval that once completed will “cement Newcastle’s renaissance as a genuine capital city”.
“Merewether’s Beach Hotel enjoys type casting alongside the nation’s great coastal hospitality assets, and its scale and ocean-front proximity ensure it will remain an indefinitely prosperous investment,” Jolliffe said.
In Sydney’s west, the family-owned Pendle Inn has changed hands for the first time since it was built in the 1950s. It was bought by local publican Mark Duggan, who owns Burwood’s Avondale Hotel, for a reported $75 million.
Sitting on a 7564-square-metre site opposite Pendle Hill railway station, it offers the buyer a range of bars, bistro dining and poker machines. Other attractions that underpinned the high price are accommodation rooms and the surrounding town centre development upside.
JLL Hotels’ Ben McDonald and John Musca advised on the Pendle Inn sale and said the NSW hotel market continues to record peak levels of capital inflows, with numerous other hotels mooted to be in the final stages of changing hands.
“We have seen over $1.3 billion of pub hotel transactions nationally in the last 12 months, with significant activity now emerging in the traditionally tighter-held markets of Melbourne and Adelaide, testament to the resurgent capital prioritisation of the sector,” JLL Hotels managing director Musca said.
The Pendle Inn Hotel was sold by the same people who built it to the Duggan family.Credit:
In late April, the newly formed Orion Hotel Group paid $45.2 million for the Earlwood pub in Sydney’s south-west to long-time owner Kent Walker.
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The Orion Hotel Group, comprised of the Wiggins, Savas and Docker hotel families, has been set up to look for Sydney-based opportunities, said HTL Property’s Jolliffe, Dragicevich and Sam Handy.
“We’ve got a great deal planned for this aesthetically magnetic property, but everything we do will be designed to only strengthen the relationship the business has enjoyed with the local community for decades,” Michael Wiggins said.
“It really is an extraordinary looking property, and has great scope for repositioning.”