IIG lists Byron Bay’s Beach Hotel with $100 million-plus price tag
Impact Investment Group is selling Byron Bay’s Beach Hotel, also known as the Top Pub.
The high-profile hospitality venue, with about 100 metres of frontage to Main Beach, is expected to trade for more than $100 million.
IIG paid businessman and racing car driver Max Twigg $70 million for the hotel in 2017 on a long settlement.
Melbourne-based Mr Twigg, having sold his waste management business, paid the developer, John Cornell, $44 million for the pub 10 years earlier.
The Beach Hotel was constructed in the 1990s reportedly at a cost of $9 million.
Mr Cornell, an actor perhaps best known for his role as “Strop” in The Paul Hogan show, is also a producer, Crocodile Dundee being one of his credits.
The entertainer and businessman is married to Delvene Delaney, who also worked on Paul Hogan’s television show, before becoming a Blankety Blanks panel member, then Sale of the Century co-presenter.
JLL’s John Musca, Tom Gibson and Tom Gleeson are marketing the Beach Hotel for IIG, a Melbourne based investment house backed by the wealthy Liberman family.
On a 4585 square metre site at 2-10 Bay Street, the venue includes three bars, a bistro with alfresco dining, fine dining, beer garden and bottle shop, 25 hotel rooms, a swimming pool and conference facilities.
Rights to run the restaurant are also on offer – the sale listing coinciding with the end of a 12-year lease to Melbourne-based hospitality figures John and Elke Van Haandel.
IIG removed 15 electronic gaming machines from the Beach Hotel early last year.
Last month, billionaire retailer and race horse owner Gerry Harvey sold the Byron at Byron Bay Resort and Spa in the holiday hamlet for $45 million Dubai-based Syrian businessman Ghassan Aboud.
In June, we reported that a warehouse converted office on the banks of the Maribyrnong River in Melbourne’s Footscray. acquired by IIG for $13.5 million in 2015, was sold by one that company’s former directors, Chris Lock, for $33.1 million after a renovation.
