After selling Armidale’s Railway Hotel to the Roche Group last July – Charlie Redmond has invested part of the proceeds on Coffs Harbour’s Coast Hotel, about 140 kilometres away.
The off-market deal for the leasehold to the double storey pub at 2 Moonee Street is worth $2.8 million.
There are 17 years left to run.
JLL’s Kate MacDonald was the agent.
Mr Redmond is speculated to have banked more than $5m for the Railway Hotel following another off-market deal, but brokered by HTL Property (story continues below).
The Coffs Harbour site spreads 1600 square metres, at the V-intersection with Grafton St, the region’s main commercial thoroughfare.
The asset includes two bars – one on each floor – a beer garden, bistro and gaming room with 15 electronic gambling machines.
It is also licensed to trade late on weekends – 1am on Fridays, and 2am Saturday.
Coffs Harbour – the state’s seven largest regional centre – is 435 kilometres north of Sydney or 530km to drive.
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