Harvest adds Woy Woy Hotel to portfolio
Harvest Hotels has picked up the Central Coast’s Woy Woy Hotel following an off-market deal.
The unlisted fund manager is paying $32 million for the c1897 venue at 33 The Boulevarde, overlooking Pelican Island.
With the sale, the vendor and operator of more than two decades, Auro McIntyre, will retire.
The deal comes five months since Harvest paid c$15m for Dubbo’s c1881 Milestone Hotel.
Last October, the group outlaid $9.6m for Albury’s Brady’s Railway Hotel.
It also holds, in Tamworth, the recently refurbished Court House Hotel and The Pig and Tinder Box.
Almost two years ago the manager offloaded the Yass Hotel for $3.7m after a major renovation.
Woy Woy is about 90 kilometres north of Sydney (story continues below).
Woy Woy Hotel
JLL’s Ben McDonald marketed 33 The Boulevarde, which includes 30 electronic gambling machines, accommodation and a drive-through bottle shop.
“In our view the Woy Woy Hotel is one that is extremely hard to replicate given the undeniable trading proposition, key growth location and limited opportunity to enter the Central Coast market,” the broker said, adding the venue has value-add potential.
“We don’t typically see high volumes of transactions in this region which is understandable given the strong and growing performance of the businesses generally,” according to the executive.
Earlier this month, a childcare centre at Umina Beach – just south of Woy Woy – traded for a price reflecting a 2.99 per cent yield, the state’s tightest return for a property of this type.
On Saturday we reported the Karedis family offloaded two development sites at Gosford, about 10kms north of the pocket.
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