The Cooee Hotel in St Georges Basin (NSW) has been listed for sale as competition heats up for a rapidly diminishing asset pool of available South-Coast freehold pubs.
Leading national agency HTL Property’s Blake Edwards and Sam Handy have been exclusively appointed to manage the sale process after the owners have fielded several unsolicited approaches to sell the hotel off-market.
The popular pub occupies a material 3,354 sqm landholding within the main commercial and retail precincts of St Georges Basin; just two streets back from the region’s famed water playground and just a 10-minute drive
from Jervis Bay.
The hotel is owned by Brisbane-based hotelier Michael Lucas and consequently runs under full management. Lucas and long-term business partner David Kennewell originally acquired the freehold of the hotel; however, have remotely operated the business since 2019.
Upon obtaining the business, the owners immediately executed a strategic renovation, refurbishment and reconfiguration of the hotel, resulting in a vastly improved business and offering. Following which has resulted several off-market approaches by local hoteliers who understand the size of the trading catchment the hotel services and are keen to secure one of the few remaining South Coast trading opportunities.
“The Cooee Hotel is an excellent business and we were pretty comfortable to enjoy the passive rent; however, following a set of circumstances we found ourselves needing to go back in and operate the pub” advised owner Michael Lucas.
“At the time the hotel was in desperate need of some capital expenditure and community engagement, and
we’ve been pretty successful in achieving this in a relatively short time frame” Lucas added.
The business has a very profitable revenue mix, features 14 gaming machines ranked #526 for the Mar-21 quarter, which makes it one of the strongest performing coastal NSW gaming rooms in the State (on a per machine basis). The hotel is also one of New South Wales best KENO outlets.
Further attracting buyers to the opportunity is the fact that it is the only hotel within a trade catchment of some
In addition, there are strong growth and demand drivers within the immediate precinct, including the Village Grove residential master planned community virtually across the road from the hotel. Further reinforcing the growth story is the
proposed Anson Street development, which is situated directly behind the hotel, and will see around 240 apartments built delivering an influx of approximately 800 residents.
“Having sold this asset previously, we anticipate a strong attraction from a range of buyers looking to secure a high-grade hotel asset such as this one represents” advised HTL Property Director, Blake Edwards.
“The hard work and heavy lifting has been done, and there now exists a well performing and well put together business in place awaiting an incoming operator” Edwards added.
This Cooee Hotel sale campaign follows a raft of HTL Property’s recent South-Coast freehold sales, including the Great Southern Hotel (Berry), North Nowra Tavern (Nowra), Shell Cove Tavern (Shell Cove), Central Hotel
(Shellharbour), Figtree Hotel (Figtree) and the Unanderra Hotel (Unanderra).
The Cooee Hotel is being sold exclusively by HTL Property and via a National Expression of Interest Campaign closing Wednesday 7th July 2021 (if not sold prior).
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