Following the two biggest coastal pub sales of the year in the form of the Port Macquarie Hotel to Knox Corp and the Tacking Point Hotel to the Laundy-Flower Consortium, HTL Property is delighted to offer exclusively to Harrigan’s Market Tavern and Harrington River Lodge, Harington.
Andrew Jolliffe and Xavier Plunkett of HTL Property are engaged to exclusively manage the sales process. The sellers for the sale are the Roche Group who have put the property on the market as it is slightly outside their primary investment mandate.
Located on a huge 18,247m²* development with over 200m* of absolute river frontage, the asset includes a large tavern with a public bar, designated TAB, a bistro, a commercial kitchen, a games room with 14 SMEs and a truly spectacular beer garden by the water. The separately titled accommodation offering includes 21 well-appointed 4-star units, a swimming pool, a reception hall that can accommodate over 100 people and an ultra-luxury 3-bedroom owner’s residence.
“The Roche family should be very proud of what they have brought to the people of Harrington over the past 20 years, with the development of extensive land for over 1,200 homes and residences; all the typical infrastructure and amenities, a beautiful golf course and a wonderful hospitality and tourism venue that serves as a meeting place for the local community and the thousands of tourists who visit the area every year.” commented Xavier Plunkett of HTL’s Property.
“Increasingly, we are seeing traditional publicans being attracted to more diverse revenue streams and assets with strong accommodation and bottle store components, as well as latent development potential; and become more and more attractive. The desirable annual revenue mix of $4,000,000 at Harrigan’s is split evenly between bars, food, betting, lodging, and function trading; with an added benefit presented by the recently introduced 14 green fees. continued Plunkett.
“We have seen a continued and deliberate buyer appetite for beachfront hotel assets on the east coast and as a result there has undoubtedly been a high level of capital flow to the north coast of New South Wales,” said Andrew Jolliffe, managing director of HTL Property.
We anticipate that buyer profiles of established publicans, accommodation providers and high net worth investors will be particularly attracted to the coastal location close to Sydney and Newcastle.
Class A coastal assets at this price are incredibly rare, and the most recent sales in the area exceeded $45 and $55 million, with the sale of the Tacking Point Tavern in Port Macquarie and the Port Macquarie Hotel respectively .
Harrigan’s Tavern and Harrington River Lodge are exclusively sold by HTL Property through an Expression of Interest campaign ending Thursday, December 1, 2022 (if not previously sold).