The Northumberland Hotel, in Newcastle’s west, has been sold by the Duggan family after over two decades of operation.
Another hotelier – Tom Adams – is the buyer, for a speculated price close to $9 million.
On a 727 square metre mixed use zoned site at 85 Elder Street, on the south west corner of Morehead, in Lambton, the double storey, part rendered pub offers full TAB facilities.
“We have seen a surge in interest in Newcastle hotel opportunities in recent times, as the city continues to undergo its renaissance spearheaded by Iris Capital’s East End precinct amongst a myriad of other private development and infrastructure projects,” HTL Property’s Dan Dragicevich, said.
“The Northumberland really does present all the underlying investment fundamentals astute hoteliers identify with, not withstanding the site’s…development potential, and that is why the Duggan family have enjoyed such a long, prosperous tenure,” colleague Blake Edwards, added.
Elsewhere in Newcastle this year, a syndicate led by Glenn Piper recently snapped up the Art Deco Merewether Beach Hotel, on the waterfront (story continues below).
Worth a speculated $40m, that deal set a region-record pub price.
Oscars Hotels, meanwhile, outlaid c$35m for the region’s Caves Beach Hotel, which includes 40 cabins.
Don Hodge Group also bought into the area, spending $33m for the Lake Macquarie Tavern at Mount Hutton, south west of town.
Last year, in its maiden purchase, Reklaw Hotels purchased the Duke of Wellington at New Lambton – two kilometres from the Northumberland Hotel – for c$16m.
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