The much loved Country Club Hotel in the NSW tourist hotspot of Shoal Bay has been sold together with a number of adjoining assets in the latest sign that the NSW coastal pub market is steaming ahead.
CBRE Hotels National Director Daniel Dragicevich and Manager Ben McDonald negotiated the sale to hotelier Andrew Lazarus – who earlier this year purchased Newcastle’s Exchange Hotel.
While the sale price has not been disclosed, Mr Dragicevich said the asset was keenly sought after by industry identities, with the sale figure reflecting the high level of competition generated throughout the campaign.
Mr Dragicevich commented; “The ‘never to be repeated’ beachfront location of the asset along with the strong trade mix of the business appealed to a significant cross section of buyer profiles, with the campaign generating over 60 enquires nationally. This ongoing competition for assets and the weight of metropolitan capital targeting coastal regions continues to drive successful outcomes for hotel owners.”
Having negotiated the Exchange Hotel transaction earlier this year, CBRE’s Mr McDonald said he was excited for what lay ahead for the Country Club Hotel.
“Mr Lazarus has shown a unique ability to transform and reposition assets for the benefit of patrons, offering them a new and exciting hospitality experience. All I can say is ‘watch this space’,” Mr McDonald said.
The Shoal Bay property, which offers unobstructed beach views, has been owned for close to 30 years by the McPhee family.
Mr McDonald said the family were extremely happy with the result and excited to return to the Country Club as patrons only.
“Jay McPhee made special mention of his desire to ‘pass the torch’ to an operator who would do the asset justice and believes that Mr Lazarus will do just that,” Mr McDonald said.
Developed by the Randal family in the 1950’s, the Country Club Hotel is a landmark property which forms part of the wider Ramada Hotel site – a 158 apartment accommodation hotel that can cater to upwards of 1,000 people per night.About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
