Dougherty’s Calling it Time at the Clocktower

Leading specialist brokerage agency, HTL Property is delighted to offer to the market the Freehold Going Concern Interest in Clocktower Hotel, Grafton.

“The Hotel is one of the most significant North Coast Pubs formally offered to the market this year,” advised HTL Property’s Xavier Plunkett.

The Vendors are the highly regarded Dougherty Family, prominent members of the Northern Rivers business community, who have owned and operated hotels, finance and insurance businesses, real estate agencies, and bookmaking businesses in the region for over 75 years.

The balanced revenue streams are generating ~$4,400,000 in annual revenue, evenly spread across food, beverage and wagering.

The expansive and modern Hotel was constructed by the Dougherty Family just over 15 years ago and on the site of the former Parkview Hotel; which was destroyed by a fire in 2002. The current licence was transferred from the Royal Hotel, which was owned by 4 generations of the Dougherty Family since 1947.

“We are honoured to represent the Dougherty family for the second time in 3 years, having successfully divested the Grafton Hotel for the family in 2021” offered HTL Managing Director, Andrew Jolliffe.

The sale of the Hotel is the last remaining hotel asset owned by the family, who have cited personal reasons and alternative investment opportunities as the primary reason for the sale.

“The various generations of Dougherty’s should be very proud of the wonderful Hotel they have literally built from the ground up. It not only is an outstanding business, but a well-established focal point and exceptional hospitality offering for the Grafton community” continued Jolliffe.

HTL Property is expecting strong interest from most of the major regional syndicates and private hoteliers, due largely to the outstanding presentation of the property and all the underlying fundamentals sought after by experienced hoteliers. Such fundamentals include the prime main street location, large land holding, strong diversified food and beverage income, the efficient layout of the hotel, 18 poker machine entitlements and adjacent car park for over 250 cars.

“The Northern Rivers always has been and always will be one of the most favourable regional markets, and we look forward to capitalising upon the unsatisfied demand for quality coastal assets in order to deliver our clients a successful outcome,” concluded Plunkett.

HTL Property are concurrently marketing the Seabreeze Beach Hotel in South West Rocks.

The Clocktower Hotel is being offered as a Freehold Going Concern via Expression of Interest Sale Campaign closing 5th October, 2023 at 4pm.

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