The Gunyah Hotel in NSW’s Lake Macquarie region has sold for $11 million to Newcastle-based couple Campbell and Clare Rogers, continuing a run of asset sales in the state’s coastal pub market.
CBRE Hotels’ Ben McDonald and Daniel Dragicevich sold the asset in conjunction with Moore and Moore Principal, Deane Moore on behalf of long time owners, the Hetherington Family. The Hetherington family have owned the Gunyah with Canberra Raiders' Brett Mullins for the past 15 years.
The transaction was the latest to highlight the heightened demand and increased buyer pool for quality assets outside Sydney’s traditional metropolitan boundaries.
The Rogers moved to Newcastle after purchasing the Sydney Junction Hotel in Hamilton – also through CBRE and Moore and Moore.
Sydney Junction Hotel has subsequently been refurbished and repositioned, with the hotel now recognised as being in the top rung of hotels in Newcastle -- both in terms of trade and aesthetic.
The Rogers also own the Argenton Hotel in Lake Macquarie, which is earmarked for a face lift in 2018 and is approximately 20 mins drive from the Gunyah Hotel.
CBRE Hotels Manager, Ben McDonald, forecast that more transactions would occur in the coastal pub market given the depth of buyers amenable to geographical expansion.
Interest in the Gunyah was underpinned by the property’s 180 degree, unobstructed water views, significant recent refurbishment and upward trajectory of the hotel’s earnings post renovation.
“These were key drivers of interest throughout the campaign, which attracted the attention of hoteliers and commercial property investors from Sydney through to Cairns,” McDonald said.