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News release


Central Coast hotel sold

JLL are delighted to announce the sale of the Bateau Bay Hotel

​JLL's Hotels & Hospitality is delighted to announce the sale of the Bateau Bay Hotel to an experienced private syndicate. JLL's John Musca & Sam Handy negotiated the sale on behalf of publicly listed company, Newhaven Hotels.

The Bateau Bay Hotel is strategically positioned on a 2.7 hectare landholding within a large trade catchment area, limited surrounding competition and an excellent demographic. The pub boasted a highly profitable existing business, 22 gaming machines and extensive outdoors areas.

John Musca, JLL's National Director of Investment Sales said, "This is the second hotel asset that JLL has translated for publicly listed vendor Newhaven Hotels and we would like to thank them for entrusting us with another key sales mandate. The sales process attracted significant interest from Sydney based publicans and the transaction reinforces the current appetite for NSW coastal pubs and the strength of this market."

He added, "We also wish to congratulate the purchasers on an outstanding acquisition and anticipate that, with their experience and skill set, the pub will grow into an iconic Central Coast venue in the not too distant future."

The sale comes off the back of 56 Sydney metropolitan pub transactions last year and with the availability of A grade pub stock rapidly diminishing, operators are now seeking quality coastal assets over B and C grade metropolitan assets.

Sam Handy, JLL's Vice-President of Investment Sales suggested, "The diminishing A grade pubs supply has led to significant yield compression and rather than acquiring a second grade metropolitan pub, buyers are seeking prime coastal pub assets on bigger sites, in better locations with larger trading footprints and more scope for upside."

JLL has transacted several other significant sales in Q1 2015 with more to be announced shortly.