More Newcastle Success for HTL Property

HTL Property is pleased to announce the sale of its second Newcastle pub in 2023, with the sale of the Lambton Park Hotel.

The asset sold is a freehold going concern hotel with bar, bistro, footway seating and a DA for a new bar and function space on the first floor. Prior to the sale, the Vendor had, through HTL, sold off all of its gaming entitlements; and the business has successfully pivoted towards a traditional food and beverage business model.

The sale was managed by HTL Director Blake Edwards and National Director Daniel Dragicevich. Under instruction from Vendors M.H Carnegie & Co (formerly Riversdale), HTL conducted an on market sale campaign that culminated with expressions of interest closing Thursday 20th of April 2023. During the campaign HTL spoke to over 40 potential purchasers and received four correctly formatted offers to purchase on or before the EOI deadline. The result was an executed Contract for Sale, well above the Vendor’s expectations; and within 10 days of the conclusion of the EOI.

“This transaction not only highlights the residual strength of the pub sector generally but also that food and beverage assets, anchored by high value commercial real estate platforms, are still high demand assets” commented HTL Property Director, Blake Edwards.

This announcement comes after HTL Property’s sale of a number of Newcastle pubs in the past 12 months, and which include the Beaches Hotel in Merewether, Sunnyside Tavern in Broadmeadow, Commonwealth Hotel in Cooks Hill, Northumberland Hotel l (also in Lambton Park) and Mayfield’s Beauford Hotel.

HTL Property is the only brokerage agency to transact a hotel in Newcastle during 2022 and 2023; and is close to closing other transactions in the region.

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