Black Fox Property has snapped up the historic Australian Hotel, a block from the beach, at Ballina.
The freehold going concern is setting the Sydney fund manager back $9.5 million from the owner-occupier of two years, Clearwater Hospitality.
Ged Dore’s Tinker Hotels will now operate it.
The sale comes eight months since Parras Hospitality, led by Colin Parras, outlaid c$31m for East Ballina’s Shaws Bay Hotel and neighbouring Fenwick House.
At the start of last year, Laundy Hotels and Fraser Short teamed to acquire the freehold going concern of the Lennox Hotel, at Lennox Heads, 10 kilometres north of Ballina, for $40m.
JLL’s Ben McDonald and John Musca brokered the off-market Australian Hotel deal.
At 103 River Street, on the north west corner of Cherry, the Australian Hotel leasehold is understood to be costing $4.185m.
The property is configured with a bistro, 20 unrenovated guest suites and a large beer garden with stage (story continues below).
A sports bar has TAB facilities and 12 electronic gambling machines.
Also with 15 car parks, the 1787 square metre block is zoned B3, allowing for structures up to 18 metres, or about seven floors.
A fire part-destroyed the building in 2016.
Clearwater Hospitality is led by ex-CUB executives Jackson Quinn, who moved from Sydney to operate the Ballina venue, and Ken Ellis.
The Australian Hotel is the second pub for Black Fox, led by Marc Schwartz, who also directs ASX listed Clime Capital, and developer, Greg Bachmayer, following last year’s $6m purchase of Berry’s Great Southern Hotel.
Coincidentally, Tinkler operates that asset too.
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