This article is from the Australian Property Journal archive
HIGH profile NSW publican Bruce MacDougal has sold the Long Jetty hotel on the Central Coast of New South Wales a Laundy syndicate, on a 11.50% yield.
The syndicate, which includes Arthur Laundy, Sean O’Hara and Lee Green, already operates hotels at Bateau Bay and South Dubbo.
While the sale price of the Long Jetty Hotel was not disclosed, although the yield is estimated to be around 11.50%.
Laundy said with the tight yields being achieved in the Sydney area, regional hotels represented real value.
He continues to build his regional NSW portfolio with hotels in Wagga Wagga, Orange and Dubbo.
The Long Jetty hotel was sold Gerry Quinlan of Manenti Quinlan & Associates and Mike Wheatley of Knight Frank by expression of interest, on behalf of Bruce MacDougal, a member of very successful MacDougal family, who has operated a number of high profile hotels throughout state, including the Dam Hotel, Wyong.
Quinlan said the campaign concluded after three hotly contested rounds of negotiation.
“The main interest was from Sydney and Newcastle hoteliers along with a number of developers who were keen to further develop the 2,491 sqm site,” he added.
The hotel operated with 15 poker machines and had on-site parking for 30 vehicles.
“The sale reflected the current growth being experienced in the region which is the third largest in New South Wales. The regional population is 320,000 with 8,254 businesses and 50,500 jobs.
“Long Jetty was currently being transformed with the opening of modern side walk cafes and fashion outlets. The area was now attracting a younger demographic,” Quinlan said.
Wheatley said the Central Coast hotels market is now being tightly held by leading operators.
“The Central Coast is one of the state’s leading economic hubs. The area is a centre for tourism, education, retail and health services and boasts some of the state’s best known national parks, beaches, walking paths and cycle ways,” he concluded.
Australian Property Journal
