HTL Property Sells Harvest’s Northside

Hospitality investment manager and operator, Harvest Hospitality has achieved another successful realisation, with the sale of The Northside Hotel, Albury for $27million.

Harvest acquired The Northside in 2021 for $16.2 million. Following the sale of a portion of the block and bottleshop business in 2023 and a $3.0 million refurbishment in 2024, the asset has been sold as a freehold going concern in a deal brokered by HTL Property’s Andrew Jolliffe and Blake Edwards. The Northside has delivered an estimated after fees mid-teen IRR for investors in Harvest Pub Fund 1, with settlement expected in February 2026.

Harvest Hospitality’s Chief Development Officer and Co-founder, Fraser Haughton said: “When we purchased The Northside, our goal was to strengthen its position as a true pillar of the local community. We invested in operational improvements, launched initiatives such as our Harvest Gold loyalty program and supported a range of community partners. We delivered an extensive capital works program, designed with the community front of mind, to create a pub that was for everyone.This strategy drove significant growth in visitation, reputation, earnings, and overall asset value.

“We’re proud of the result we’ve delivered for our investors, and equally proud of the experiences we’ve created for our staff and loyal patrons at The Northside” commented Harvest Director, Fraser Haughton.

“The successful sale of Albury’s iconic Northside Hotel serves as another positive bellwether regarding market appetite, and the expediency of well prosecuted regional investment strategies” advised HTL Property’s Managing Director, Andrew Jolliffe.

“Sophisticated investor ant tracks through regional centres nationally, such as Albury, are and have been since the global pandemic, in the ascendency” Jolliffe added.

The successful sale of The Northside Hotel follows the recent divestments of The Aussie Inn in Adelaide and The Milestone Hotel in Dubbo, continuing Harvest’s planned orderly sell-down of optimised assets as part of the broader liquidity strategy for investors in Harvest Pub Funds (HPF) 1 and 3.

Group CEO and Co-founder, Chris Conforth said: “While we continue to strategically sell assets from HPF1 and HPF3, we’re equally focused on the growth of our portfolio. This includes executing capital works across some of our remaining underdeveloped pubs like The Jerrabomberra Tavern in Queanbeyan and The Victoria Hotel in Wagga Wagga early next year.”

“We’re also expanding our platform with the launch of two new investment funds, which will see us add more venues, explore diverse hospitality offerings and deliver some new development projects.

“Delivering on the investment objectives of HPF 1 and 3 and selling these optimised assets allows us to continue creating new offerings and experiences that will add value to our people, patrons and investors,” added Chris.

In the coming weeks, Harvest will be commencing a capital raise across its two new investmentvehicles, allowing investors access to expertly operated hospitality assets while meeting their variousinvestment objectives:

Harvest Hospitality Opportunities Fund

Structured to deliver attractive total returns over the medium term, this closed-end fund will invest in both freehold going concern and leasehold-only assets. The fund is targeting $200 – $300 million in assets under management over a 5 – 7 year term, with an IRR target of 15% – 17%+ per annum (post fees). Distributions from asset sales will commence following a 2 – 3 year deployment period and are expected to be primarily driven by the realisation of individual assets.

Harvest Hospitality Income Fund

Structured to deliver sustainable and regular cash distributions to both retail and wholesale investors, this open-ended fund leverages Harvest’s operational platform to invest in freehold going concern, leasehold-only and freehold-only assets. The fund is targeting $500 million in assets under management over the medium term with an IRR target of 10 – 12% per annum (post fees), including a distribution yield of 6 – 8% per annum (post fees). Distributions will be paid quarterly, and the Fund will offer periodic redemption opportunities from year 3 onwards.

About Harvest Hospitality

Founded in 2014, Harvest has grown from a two-person team running small bars to a leading hospitality asset manager operating multiple large-format pubs, supported by a head office of 30 and a staff network of over 600. With a clear strategy, expanded investment offerings, and a well-resourced team, Harvest Hospitality is focused on elevating the everyday and continuing to create great experiences that add value to their people, patrons and investors.