Exchange Hotel Changes Hands After 30 Years

HTL Property is most delighted to announce to the market the sale of the Freehold Going Concern Interest in the legendary Exchange Hotel, Kyogle.

Boutique agency HTL Property’s Xavier Plunkett was exclusively mandated to sell the well-known North Coast hotel asset via an on-market Expression of Interest campaign. However, given the strength of the marketplace, a successful deal was completed prior to the asset coming to market for an undisclosed sum.

Vendor for the sale, Mrs June Greenaway, has owned the Exchange Hotel for over 43 years. Originally leasing the hotel from Tooth and Co, with her late husband Bill Greenaway in 1978; the Greenaway Family later purchased the freehold of the property in 1990.

The Hotel comprises a commanding brick building featuring a popular public bar, bistro, well-equipped commercial kitchen, dining room, expansive beer garden, and 9 Poker Machine Entitlements. In addition, a function room, three retail tenancies on separate titles and 20 pub-stay accommodation rooms complete the
business offering.

“The Kyogle Hotel was offered to several key buyers prior to any formal marketing commencing” advised HTL Property’s Xavier Plunkett.

“Given the current market depth and HTL’s fertile and active buyer universe, a prompt off-market sale proved the optimum outcome for our client from both a logistical and price optimisation standpoint” Plunkett added.

“Ultimately, we were able to deliver upon our objective via a discrete off-market process that exceeded our client’s price expectations and enjoyed the additional benefit of providing the absolute minimum disruption to the current business operation” concluded Plunkett.

The pre-market sale of the Exchange Hotel, Kyogle is indicative of two key market themes:

a) the unwavering strength of the regional pub market, and
b) the strategic value in an agency’s key buyer relationships.

The successful Purchaser is a highly regarded Sydney based hotelier.

HTL Property has now proudly and recently sold in excess of $110m worth of NSW Northern Rivers Hotel Property.

End.