End of an era as Dougherty family sell Grafton hotel
The Dougherty family has sold Grafton’s Clocktower Hotel – built 18 years ago on the site of the Parkview Hotel which was destroyed by fire in 2002.
The $10.5 million deal ends a 79 year association with the site – the vendor holding a licence through four generations via the neighbouring Royal Hotel.
It paid $1.05m for the property in early 2007.
The freehold going concern was the family’s last hospitality asset when it was listed in 2023, the seller citing personal reasons and alternative investment opportunities as reason for the sale.
The holding has accommodated a pub since 1860 – first known as the Commercial Hotel then the Freemasons.
In 2021, the Dougherty family sold the Grafton Hotel.
Family shed another Grafton pub
On 1221 square metres at 93 Prince Street, on the corner of Pound, the Clocktower Hotel contains a bar, bistro and gaming room with TAB and 18 Band 3 electronic gambling machine entitlements (continues below).
The buyer is an experienced syndicate.
“Investors were particularly drawn to the asset’s stability, while recognising the clear upside through future upgrades and operational enhancements,” Savills marketing agent, Hugo Weston, said.
“The modern, low maintenance property…continues to perform strongly within a growing coastal market, highlighting the ongoing confidence we’re seeing across regional NSW,” he added.
The result reflects an 8.4 per cent yield, according to the executive.
“This transaction reflects both the proven performance of the asset and the significant opportunity ahead, with the incoming owners well positioned to unlock its next phase of growth,” Mr Weston said.
Also this week we reported a Laundy family backed syndicate bought Singleton’s Imperial Hotel for $20m.
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