Evans Head’s only pub has sold to a syndicate comprising Laundy Hotels, Fraser Short’s Sydney Collective and Nick and Justine Tindall (nee Laundy).
The sale price for Hotel Illawong is speculated at close to $15 million.
The art-deco venue derives income from a bar, food and gaming; there are 15 Poker Machine Entitlements.
It also contains a ground floor shop and 18 upper-storey suites.
At 15-19 Oak Street, also with frontage to Park and Illawong Lane, the 2200 square metre site is opposite the eastern seaboard’s largest waterfront caravan park.
Tourists support Evans Head year-round but its permanent population is c3000.
The acquisition comes six weeks after Laundy Hotels and Fraser Short paid $40m for Lennox Hotel at Lennox Head, about 50 kilometres north of the Illawong.
Pub Brokers & Advisory’s Nick Butler and Steve Pursell marketed the freehold going concern.
Hotel Illawong is about 70km south of Byron Bay (story continues below).
“With five years left on his term, outgoing leaseholder Daniel Simpson recognised the opportunity to package the business up with the building,” the agents told pubtic.com.au on Monday.
“I’ve loved my time at the Illawong and have enjoyed overseeing the expansion of the business during my tenure”, the publican added (story continues below).
“I wish the new owners all the best and look forward to seeing the next phase of the hotel’s evolution”.
The freehold owners declined to add further comment.
Mr Tindall said “while we see potential for growth by unleashing the efficiencies of our network, we’re not going to make any massive changes to the hotel or its operation”.
“Fraser Short and the amazing team at Sydney Collective have a great eye for detail so adding a little bit of polish will be all that the locals will notice.
“Justine and I are excited to be partnering with them, as well as her broader family”.