Waterfront Hotel Precinct Sold by HTL Property

HTL Property is delighted to announce to the market the successful sale of Harrigan’s Irish Tavern and Harrington River Lodge in picturesque Harrington, to a consortium of highly respected publicans led by Glenn Knight.

The asset offered an enormous 18,247sqm* allotment with over 200m* of absolute river frontage, and comprised a large tavern with a public bar, designated TAB, bistro, commercial kitchen, gaming room and truly spectacular waterfront beer-garden. The separately titled accommodation offering comprised 22 well-appointed 4-star units, swimming pool, function room with capacity for over 100 guests and an ultra-luxury 3-bedroom owner’s residence.

The impressive consolidated asset was brought to market by HTL Property Managing Director Andrew Jolliffe and colleague Xavier Plunkett, on behalf of the Roche family who cited both geographical and strategic reasons for exiting the asset.

“Undoubtedly, Glenn has owned and operated some of the best hospitality assets on the Mid-North Coast of NSW, and we are excited to see what he can deliver for the Harrington Community” offered HTL Property pubs specialist, Xavier Plunkett.

“The expression of interest campaign was well contested by an amalgam of developers, accommodation specialists and traditional hoteliers. The bidding parties were particularly attracted to the build quality of the assets and the extensive land holdings; as well as the $4,000,000 per annum in diversified and uniformly balanced revenues, derived predominantly from accommodation, beverage, and food sales Plunkett added.

The exclusive agents for the sale would not be drawn upon as to the successful price paid, however confirmed that it was in line with market guidance provided by HTL Property throughout the sale process.

“This week alone we’ve announced material sales in Sydney, Newcastle and now the NSW North Coast, illustrating the patent and diverse market confidence heralding the commencement of 2023” concluded HTL Property Managing Director, Andrew Jolliffe.

The Harrington sale by HTL Property caps off a busy few months of hotel transactions on the Mid North Coast by the specialist firm, including the sales of the Port Macquarie Hotel, The Tacking Point Tavern, the Mercure in Port Macquarie, and the Manning River Hotel in Taree for a combined total in excess of $150 million.

End.

*approx.