The Hotel Delany, one of Newcastle’s most coveted trophy hotels, has been listed for sale amid a surge of interest in local pub investment opportunities.
CBRE Hotels’ Ben McDonald and Daniel Dragicevich, in conjunction with Deane Moore of Moore & Moore Real Estate, have been appointed to market the freehold going concern interest in the Darby Street hotel.
The property is strategically positioned between the rapidly redeveloping Newcastle City Centre and the landmark $750m East End project.
CBRE’s Ben McDonald described Hotel Delany as a one of a kind hotel offering which was expected to attract significant buyer interest.
The hotel occupies a prominent 1,684sqm retail site with future redevelopment potential. It includes a valuable late trading hotel licence and 22 PME’s.
“The Hotel Delany has long been one of the most asked about pubs in Newcastle and we have no doubt there will be significant interest from hoteliers around the state – particularly from Novocastrian operators but also from mixed use developers and commercial property investors,” Mr McDonald said.
Moore & Moore Real Estate’s Deane Moore added; “As a passionate Novocastrian it is an absolute honour to be bringing the Hotel Delany to market. The venue holds a special place in the hearts and minds of all locals and even though the Hirds have steered it well during their tenure I look forward to what new lease of life the next operator can breathe into the operation.”
There has been a surge of interest in larger scale hotels in Newcastle in recent times with the Prince of Wales at Merewether, Duke of Wellington at New Lambton, The Exchange Hotel in Hamilton and Nags Heads at Adamstown all transacting over the past 12 months at sale yields normally reserved for Sydney metro hotels.
Mr McDonald said this exemplified the interest, not just in the local pub sector, but in Newcastle’s commercial property market in general.
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