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Press Release

Family Sporting Royalty Sell to Harvest Hotels

Following the specialist firm’s record sale for Albury of the Springdale Heights Tavern, HTL Property today proudly confirms the second significant sale for the city in the form of the Northside Hotel to Harvest Hotels for $16.2 million.

The Northside sold on behalf of long term Vendors the Burke family, it is the sixth significant regional acquisition by Harvest Hotels, and follows their recent purchase of the Woy Woy Hotel on the NSW Central Coast in October for $32 million.

‘The Northside Hotel marries well with our existing Albury asset in the form of Brady’s Railway Hotel’ advised Harvest’s Chris Cornforth, ‘Scalable assets such as Northside align perfectly with our investment criteria, and we will continue to add quality large format pubs in quality regional towns where we see opportunities for upside on a sustainable basis’ Cornforth concluded.

The large format 4,696m2 hotel was sold by exclusive agent Blake Edwards following an approach by Harvest Hotels, and which includes 24 poker machines, and late liquor licence and a separate detached bottle shop positioned across the road from the popular watering hole.

‘We conferenced with Harvest, and they highlighted to us some specific targets’ advised HTL Property Director, Blake Edwards. ‘Material regional centre hotels like Northside are becoming rarer and rarer, and we are delighted to have delivered this outcome for both the Burke family and Chris Cornforth’s quickly augmenting Harvest vehicle’ Edwards added.

The Burke family are well known publicans and sportsman; having owned the Northside Hotel for 16 years. With former accountant and patriarch Peter Burke playing 1st grade rugby league for Manly, and his sons similarly playing rugby league for Manly; as well as rugby union for both Randwick and the Wallabies.

‘Sub-metro hospitality transactions have seen the greatest increase of all sectors within the traditional pub and accommodation hotel asset channels’ concluded HTL Property Managing Director, Andrew Jolliffe.

End.

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