Well known Newcastle identity Ian Burford is set to offer the Burwood Inn for sale continuing what has been watershed year for hotel transactions outside the Sydney metropolitan arena.
Daniel Dragicevich and Ben McDonald from CBRE Hotels will steer the sale campaign in conjunction with Deane Moore from Moore and Moore Real Estate. The campaign commences Saturday 11th February, marking the unofficial start of the 2017 hotel selling season.
Located in Newcastle’s premium beachside suburb of Merewether, the Burwood Inn has been meticulously updated by the Burford family since they acquired the hotel in 2009. Offering a premium ‘Gastro Pub’ feel, the hotel offers diversified revenue streams generated from food and beverage, accommodation and gaming departments – all of which have shown consistent year on year growth.
CBRE National Director, Daniel Dragicevich identified the Burwood Inn’s high cash flow business underpinned by its premium land value as key investment highlights for the listing which is expected to generated significant buyer interest.
Mr Dragicevich noted; “Higher yielding pub assets such as the Burwood Inn, which offer strong cash flows, are extremely tough to come by – particularly in markets such as this.”
Mr Dragicevich continued; “The ‘heavy lifting’, so to speak, has been done with the hotel offering buyers a highly profitable ‘turnkey’ operation in a premium beachside location.”
Principal of Moore and Moore Real Estate and local area specialist, Deane Moore, said Newcastle hoteliers were ‘rightfully enjoying their day in the sun’ as the buyer pool for pub assets in the Newcastle region continued to grow.
“Newcastle’s ongoing development, including the significant state and federal funding allocated to improving the local landscape, is stoking confidence levels in residents and commercial endeavours generally,” Ms Moore said.
The sales campaign for the Burwood Inn joins a flurry of local hotel transactions in 2016 including The Prince of Wales, Mary Ellen, Duke of Wellington, Nags Head and Bradford Hotels.
Expressions of Interest for the Burwood Inn close at 5pm, Thursday 9th March 2017.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
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.