Following the announcement this month of the all time record Newcastle hotel sale in the form of the Beach Hotel Merewether, leading agency HTL Property today announces the sale of the Steel City’s Beauford Hotel.
Situated in the Newcastle suburb of Mayfield, the postcard perfect corner pub was sold by the highly regarded local Kearney family; following an off-market sale process managed exclusively by HTL’s Blake Edwards.
Situated upon a dual street fronted 1473sqm block, the popular hotel has been continuously owned for in excess of 30 years.
“It provides great professional reward to be selected to represent a family asset following such a significant chronological tenure, and the Kearney family’s decision to appoint HTL exclusively to sell its valuable hotel is most meaningful to our firm” advised HTL Property Director, Blake Edwards.
“The highly sought after Beauford Hotel features bar, bistro, gaming operation, drive-thru bottle shop, a beer garden and 15 accommodation rooms within its arsenal of revenue centres” added Edwards.
“Not to mention the off street car parking and valuable location adjacent the Coles-anchored Mayfield East Village Shopping Centre” Edwards concluded.
The sale to an undisclosed buyer, highlights the material interest in Newcastle hotels; as evidenced by HTL’s recent sales of both Merewether’s Beach Hotel to Glenn Piper’s Meridian outfit, and the Caves Beach Hotel to the active Oscar’s Hotels – owned by brothers Bill and Mario Gravanis.
“The investment lens for astute buyers of hotel inventory has widened to include sub-metro locations; and we see this phenomenon being sustained for some time” commented HTL Property Managing Director, Andrew Jolliffe.
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