Newcastle East hotel trades after 33 years
The Grand Hotel in Newcastle East is selling for a speculated $6 million.
The c1891 pub has been held by Mike Angus for 33 years.
At 32 Church Street, two blocks from the beach, it was unsuccessfully offered for sale in 2018.
The buyer is an as yet undisclosed local syndicate including a former hotelier.
The deal comes two months since SCA Property Group acquired two shopping centres in the area – Marketown, for $150.5m, and MarketPlace Raymond Terrace ($87.5m).
Grand Hotel
Recently refurbished, the Grand Hotel contains 17 guest suites, a bistro and gaming room with six electronic gambling machine entitlements (story continues below).
It also offers a 3am liquor licence, though has in recent years closed much earlier.
The site spreads 340 square metres.
“Being situated in the burgeoning east end of Newcastle and approximately 200m to the beach, the Grand Hotel offers incredible scope to capitalise on the significant transformation of the immediate area whilst leveraging the broader appeal and growing market demand for Newcastle itself,” JLL Hotel & Hospitality’s Kate MacDonald, who marketed the property with colleague Ben McDonald and Moore & Moore Real Estate’s Deane Moore, said.
Mr Angus added it “was a fairly emotional decision” to list.
“Having owned and operated the hotel for over 30 years, I felt the time was right for me personally and I couldn’t be happier with the result,” according to the publican.
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