Jim Knox, Ashton Waugh offload NSW hotels
Two regional New South Wales hotels have sold.
In the biggest deal, ex-rugby union player Bill Young – now a publican – has outlaid $50 million for Griffiths’ Gem Hotel.
The accommodation-based asset, with 65 rooms, was offered by Jim Knox, who bought it before auction in 2014.
Also with the Bull & Bell Steakhouse, two bars and a gaming room with 29 electronic gambling machines, annual revenue is $13 million.
It is Mr Young’s seventh pub.
His book also includes, in Sydney, Chippendale’s Bar Broadway, the Royal Hotel in Ryde, Five Dock Hotel and, near to there, the Illinois Hotel, Concord Hotel and The Palace in Mortlake.
In 2022 he sold the Wisemans Ferry Inn on the Hawkesbury River to Sam Arnaout’s Iris Capital.
Mr Knox retains several nearby assets including the Griffith Hotel (the Grif).
Last year he sold the suburb’s Area Hotel, with 30 EGMS, for $30m after outlaying $19m in 2019.
That buyer, local operator Trent Middleton, recently completed a renovation.
Griffith is about 500 kilometres west of Sydney.
Unrenovated Exchange sold again
Meanwhile, in a much smaller deal – Ashton Waugh has sold the Exchange Hotel at Kyogle, an agricultural hub in the Northern Rivers region.
Through Watering Hole Hotels, the freehold going concern carried $2m price hopes when it was listed June.
Over two levels at 63-65 Summerland Way it contains 20 unrenovated accommodation suites, a bar, bistro and function space.
Three separately leased commercial spaces contribute about $35,000 per annum to the income.
On 2250 square metres, there is also a large car park.
HTL Property’s Ben Kennedy and Xavier Plunkett were the agents – they promoted it as an entry level pub.
Mr Waugh only bought it last year.
The buyer is a first time operator.
Kyogle is about 750km north of Sydney and 35km from Lismore.
Mr Plunkett with Andrew Joliffe marketed the Gem Hotel and Bull & Bell Steakhouse.
More to come.
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