Nick Quinn, on behalf of a syndicate, has secured another regional New South Wales pub – this time at Medowie, near Port Stephens.
The Bull ‘n’ Bush hotel/motel at 37 Ferodale Road, neighbouring a Coles and Woolworths anchored shopping centre, is believed to be setting the Newcastle based executive back nearly $30 million.
The vendor was the Feneley family, whose patriarch, Cecil, died in 2018, followed by his wife, Clare, three years later.
They paid $860,000 in 1987 to occupy.
The deal comes nine months since Mr Quinn with Arthur and Stu Laundy, Sean O’Hara, Nick Quinn, Lee Green and Sam Cruikshank outlaid $15m for the Tourist Hotel – Queanbeyan’s first pub sale in a more than a decade.
Mr Quinn has also in recent years acquired the Manning River Hotel at Taree, Australian Hotel (Wingham) and Blamey Tavern (Wagga Wagga).
Last August, he sold East Maitland’s Windsor Castle for $51m – a record for an inland Australian pub – to Harvest Hotels.
Elsewhere in the Maitland area, the publican’s portfolio includes Raymond Terrace’s Lakeside Village – held since 2019 – and in Rutherford, the Bradford and Rutherford hotels.
Bull ‘n’ Bush
On 1.3 hectares, the Bull ‘n’ Bush contains a standalone motel with 10 suites and two leased shops (story continues below).
The neighbouring pub meanwhile contains a gaming room with 30 electronic gambling machines.
There is also a drive thru bottle shop and over 100 car parks.
“The multi-purpose property provides the incoming purchaser with already strong consistent cash flows and also various levers for future expansion; and also various levers for future expansion and growth” HTL Property’s Dan Dragicevich, who represented the Feneleys with Blake Edwards and Xavier Plunkett, said.
“We continue to see determined participation from established groups, despite some wider economic headwinds, particularly where latent operational upside and strategic geographic synergies exist,” according to the agent.
“The purchasers were notably attracted to the enormous population growth and economic development slated for the region which, according to Port Stephens Council, will see an additional 15,000 residents over the next 15 years,” Mr Evans added.
Mr Plunkett said sales have increased after a slower than expected start to this year.
“With the NSW election now decided, we are seeing a continual uptick in both vendor and purchaser engagement and we expect to announce further sales in the coming weeks,” according to the agent.
Medowie is about 25 kilometres north east of Newcastle.
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