The Gunyah Hotel in NSW’s Lake Macquarie region has changed hands for $11 million, continuing a run of asset sales in the state’s coastal pub market.
CBRE Hotels’ Ben McDonald and Daniel Dragicevich sold the asset in conjunction with Moore and Moore Principal, Deane Moore on behalf of long time owners, the Hetherington Family.
The transaction is the latest to highlight the heightened demand and increased buyer pool for quality assets outside Sydney’s traditional metropolitan boundaries.
The new owners of the Gunyah Hotel are Newcastle based couple, Campbell and Clare Rogers. Originally from Sydney, the Rogers moved to Newcastle after purchasing the Sydney Junction Hotel (SJ’s) in Hamilton – also through CBRE and Moore and Moore.
SJ’s has subsequently been refurbished and repositioned, with the hotel now recognised as being in the top rung of hotels in Newcastle - both in terms of trade and aesthetic.
The Rogers also own the Argenton Hotel in Lake Macquarie, which is earmarked for a face lift in 2018 and is approximately 20 mins drive from the Gunyah Hotel.
CBRE Hotels Manager, Ben McDonald, forecast that more transactions would occur in the coastal pub market given the depth of buyers amenable to geographical expansion.
He noted that interest in the Gunyah had been underpinned by the property’s 180 degree, unobstructed water views, significant recent refurbishment and upward trajectory of the hotel’s earnings post renovation.
“These were key drivers of interest throughout the campaign, which attracted the attention of hoteliers and commercial property investors from Sydney through to Cairns,” Mr McDonald said.
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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 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.
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 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.
