Glenn Piper, Harvest Hotels swoop on pubs
Bruce Gordon’s WIN Corporation has sold its second asset in a month – the Scarborough Hotel, the City of Wollongong’s oldest licensed premises.
The c1886 venue built into a 3900 square metre oceanfront escarpment site, collected $9.5 million from Glenn Piper, following an off-market deal.
Via his Epochal Hotels, the businessman will hold the asset with a small syndicate including NSW south coast locals.
“This is a deeply meaningful project for us,” Mr Piper said.
“We want to deliver something truly special here, an experience that benefits its spectacular location, reflects the pub’s stature and resonates deeply with the community,” he added.
Mr Gordon held the Illawarra region property, about 20 kilometres north of Wollongong, some 40 years.
WIN chief executive Andrew Lancaster said proceeds will be tipped into its media and investment business.
“Pubs are not part of our core business and it is time for a new owner to guide this iconic site into the future,” he added.
“Epochal Hotels has a strong understanding of pubs and hospitality and we look forward to seeing what fresh ideas they bring,” according to the executive.
The deal comes a fortnight since the company divested its “Win Grand” site, in central Wollongong, for $70m (story continues below).
Sydney based Level 33 is the buyer; the 1.3 hectare amalgamation came permit-ready for a c$500m residential-based mixed use project.
As part of that deal, Mr Gordon will buy back a c20,000 sqm office, part of the master-plan.
Harvest invests in Queanbeyan
In Queanbeyan, NSW, at the ACT border, meanwhile, the Jerrabomberra Hotel is trading for a speculated $24m.
On 2759 sqm with a drive-thru bottle shop and 30 electronic gambling machines in a sports bar, Harvest Hotels is the buyer.
The venue will be slotted with seven others in the Pub Fund.
Harvest controls some 30 pubs.
HTL Property’s Dan Dragicevich and Sam Handy sold it the latest.
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