Local Syndicate Takes Bull by the Horns After 36 Years

Specialist national agency HTL Property is pleased to announce the sale of the Bull and Bush Hotel/Motel in the Port Stephens satellite township of Medowie. The sale of the large format venue brings to an end 36 years of continuous ownership by the private and highly regarded Feneley family.

The landmark deal, made with a successful local hotel syndicate led by Nick Quinn, was exclusively negotiated by HTL Property’s National Director Dan Dragicevich, and colleagues Blake Edwards and Xavier Plunkett.

The enormous ~13,000m2 property includes a single level tavern with 30 gaming machines, drive through bottle shop, a separate building incorporating 10 ensuited motel rooms and two leased retail shops attended to by in excess of 100 car parks on title. The asset is strategically located next door to the major shopping precinct in Medowie, adjacent both Coles and Woolworths shopping centres; and a large format hardware store.

“The Feneley family have done an astounding job servicing the local community since 1987, with the venue a focal point for the ever expanding township and suburban catchment. The multipurpose property provides the incoming Purchaser with already strong and consistent cash flows; and also various levers for future expansion and growth” commented HTL Property’s Dan Dragicevich.

“The Purchasers were notably attracted to the enormous population growth and economic development slated for the region which, according to Port Stephens Council, will see an additional 15,000 residents over the next 15 years” added HTL Property Director, Blake Edwards.

“We continue to see determined participation from established groups, despite some wider economic headwinds, particularly where latent operational upside and strategic geographical synergies exist” continued Dragicevich.

“The sale is a breath of confidence for the NSW Hotel investment market in what has been a slower than historical start to the year in terms of transaction volume. With the NSW election now decided, we are seeing a continual uptick in both vendor and purchaser engagement; and expect to announce further sales in the coming weeks concluded HTL Property’s Xavier Plunkett.

End.