Trio of regional pubs trade for c$24m
Eumundi Group Limited is paying $6 million for Murwillumbah’s Court House Hotel.
On 898 square metres at 60 Murwillumbah Street, the historic double storey property contains a bar, bistro, beer garden and gaming room with 21 electronic gambling machines.
There are also 14 accommodation suites.
The hotel business will be owned and operated by former Dixon Hospitality stakeholder Michael Dixon’s Athena Hospitality Group – which has just signed a 15 year lease with four 10 year options.
The landlord will hold the asset via its Eumundi Property Group subsidiary.
“The purchase price…represents an initial net capitalisation rate of 6.25 per cent,” the buyer said.
“Rent will be reviewed to market at the commencement of the sixth year of the lease, with a minimum rent increase on the prior year of three pc,” it added.
In Brisbane, Eumundi holds the Ashmore Tavern – where the company is headquartered – The Plough Inn and the Aspley Shopping Centre, which includes the Aspley Central Tavern business.
The company also controls Quench Liquor.
Harrington Hotel collects c$15m
Meanwhile publican Stephen Hunt has picked up another NSW hotel – at Harrington.
The waterfront Harrington Hotel at 28-36 Beach St (pictured, top), is costing a speculated $15m.
On 3011 sqm, it contains six pub style accommodation rooms and a three bedroom manager’s residence (story continues below).
The venue also includes a commercial kitchen, beer garden and bar with 22 electronic gambling machines.
Vendor, the Nixon family, which held it for 23 years, was represented by HTL’s Daniel Dragicevich and Andrew Jolliffe.
Mr Hunt also holds assets at Newcastle and Port Macquarie – major towns either side of Harrington – as well as on the Central Coast and Hunter Valley.
Railway Hotel Parkes
At Parkes, the freehold going concern of the Railway Hotel and Hart Bar has also traded, for a speculated $3m.
Bianca Sheridan and Kasie Ferguson, husband and wife, acquired the property in 2010 before undertaking a renovation and repositioning.
Over two floors, the c1915 venue includes gaming (TAB, Keno and six electronic gambling machines), a bistro, two kitchens, event space, bars and a three bedroom manager’s residence.
It is licensed for 24 hours.
A local developer, Ken Baker, is understood to be the buyer.
JLL Hotels & Hospitality’s Kate MacDonald with Moore & Moore’s Deane Moore brokered the deal.
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