Gallaghers sell Terrigal Hotel
Patrick Gallagher has sold the Terrigal Hotel eight years after paying $28 million, his then highest outlay for an asset.
The publican and his wife, Angela, with business partner, John Daly, are collecting $47 million this time around, sources say, from Hunter Hotel Group, run by Bill Hunter and son, Paul.
On 4000 square metres at 176 Terrigal Drive, staring down the beach, the two storey venue contains several bar and bistro zones.
A gaming room has 26 electronic gambling machines.
The average weekly revenue is $285,000.
JLL’s John Musca and Ben McDonald brokered the off-market deal.
Mr Musca also sold the asset to the Gallaghers in 2017 on behalf of Newhaven Pty Ltd, as part of a portfolio also with Mosman’s Buena Vista and the Duke of Gloucester at Randwick.
Coincidentally another asset offered by that seller – the Bateau Bay Hotel – is now owned by Hunter Hotel Group.
Next chapter for Terrigal Hotel
Hunter Hotel Group now holds 10 assets, all on the Central Coast and Mid-North Coast.
“We’re excited to be taking on the Terrigal Hotel, an iconic venue local to us in a great location,” Hunter Hotel Group managing director, Paul Hunter, said.
“We look forward to building on its strong reputation and continuing to deliver great hospitality for the local community and visitors alike,” he added.
Other assets in its portfolio includes the Coach & Horses Maitland, Royal Hotel Singleton, Swansea Hotel and Town Hall Warratah.
In 2023 it paid the Short family c$33m for the Seabreeze Hotel in South West Rocks.
Gallagher Group of Companies meanwhile now holds five pubs.
One is Circular Quay’s Jacksons on George, the leasehold control of which in an interesting deal, it reacquired, in April, after a $20m deal with Maurice Terzini.
Terrigal is about 90 kilometres north east of Sydney.
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