Justin Hemmes swoops on fourth Narooma pub
One of Narooma’s most historic buildings, the Lynch’s Hotel, is selling to Justin Hemmes’ Merivale for about $6 million.
The double storey asset on 2371 square metres at 135 Wagonga Street – in the heart of the town’s retail strip – is set for a renovation.
The pub includes indoor and outdoor dining areas, a traditional bar and guest accommodation.
JLL Hotels & Hospitality’s Ben McDonald brokered the off-market deal.
Lynch’s makes four
About 350 kilometres south of Sydney, Narooma has a permanent population of about 3500.
Elsewhere in the region, Mr Hemmes holds three venues – the Quarterdeck, The Whale Inn, including Queen Chow, and The Inlet.
He also owns a holiday house.
“The flight to coastal hotel assets is not only a state wide but a national trend and of course Merivale’s support and investment in the Narooma township is such an exciting commitment to the south coast of New South Wales,” Mr McDonald (story continues below).
“We are literally in the midst of negotiations on over $150m of coastal hotel assets around the country, having just exchanged another coastal asset in Victoria only this week, which will also soon be announced – so the investor appetite appears relentless,” he added.
The agency is also marketing the Apollo Bay Hotel – which, since Merivale established itself in Victoria last year, it could be a suitor for.
Every great town needs a great local pub: Hemmes
Merivale will settle on the Lynch’s Hotel freehold going concern this month.
“Every great town needs a great local pub,” Mr Hemmes said.
“We have been looking for a heritage pub to further our continued investment in the region and our commitment to the wonderful people who call it home,” he added.
“Lynch’s Hotel presents great potential in a township I have a strong personal connection with, and I am looking forward to bringing this project to life alongside the local community,” according to the publican.
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