Ned Kelly doubles money at Weston
Ned Kelly and Corey Dunn have offloaded Weston’s Criterion Hotel for a major profit after 26 months.
The yellow corner pub, with 15 electronic gambling machines, is selling to local publican Adam Drabarek for a speculated $8.5 million.
The vendors paid Sydney hotelier Peter Calligeros c$4m for the re-stapled property.
Weston is about 35 kilometres north west of Newcastle.
Criterion Hotel
Mr Drabarek also owns the Imperial Hotel at Coonabarabran, 150kms north of Dubbo, and the Howlong Hotel, near the Victorian border.
The Weston pub, on 910 square metres at 75 Cessnock Road, on the north west corner of Station Street, with a bistro, 10 accommodation rooms, a manager’s residence and 3am liquor licence, earns average weekly revenue of $50,000 (story continues below).
“Part of the appeal of this [Criterion] venue is its proximity to my home on the Central Coast, which suits my plans to be a hands-on operator,” the publican said.
“We think [Ned Kelly’s] Kelly Hotels Group has done a great job with the venue and we think we can continue to grow the venue through our hands on style management and community engagement into the future,” he added.
HTL Property’s Blake Edwards and Xavier Plunkett brokered the sale; the asset was listed last October.
The deal comes nearly two years since Mr Kelly paid Craig Lusby c$10m for Casino’s Tattersalls Hotel, 70km west of Byron Bay.
The Sydney based publican’s book also includes Scone’s Royal Hotel-Motel, Kelly’s Irish Pub at Mudgee, the Old Bar Tavern, in Old Bar, on the mid-north coast, Centennial Hotel at Gulgon and the Global Hotel at Rylstone.
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