Rolly de With has listed his Premier Hotel, boasting plenty of upside and potential in the surging Central Coast market.
The Premier was purchased by de With’s Castle Hotels in 2011, in a partnership between the AHA regional representative and another investor.
It has been operated under management, with the award-winning Newcastle publican focusing on his Junction Hotel and Sunnyside Tavern.
Following recent enquiries in a hot market for coastal properties, the Premier partner is interested in divesting. de With literally stepped out from behind the bar to chat with PubTIC.
“In a way I’m reluctant to sell, but it will allow me to focus on my core businesses, especially the Junction, and not have something else to oversee.
“The spring race carnival as a great time for somebody to come along and take that business.”
Located at Broadmeadow’s bustling Nine-Ways, a major transport hub currently undergoing a big upgrade at the rail station and terminus, the 1,076sqm site holds mixed-use zoning and an 11-metre height limit that could allow up to 2,200sqm of floor space over four levels.
Broadmeadow is seeing significant expansion, including a $13m upgrade of the race track, and seven mixed-use residential projects beginning in the near future.
The Hotel itself offers a public bar, TAB and outdoor area, extensive dining area and commercial kitchen, bottleshop, accommodation, and gaming room with 17 EGMs. Annual revenue is reported at over $3.6m.
It is being brought to market by CBRE Hotels’ Ben McDonald and Daniel Dragicevich, in conjunction with Deane Moore from Moore & Moore Real Estate, aiming to capitalise on the continued migration of Sydney-based capital in the stock-starved market.
“The Premier Hotel offers commercial investors and publicans the opportunity to secure a strong cashflow business with an enviable mix of trade, in one of Newcastle’s most exciting up-and-coming precincts,” offers McDonald.
The campaign follows prominent pub sales in the region in recent times, including the Nags Head, Duke of Wellington, Prince of Wales and Mary Ellen for a total of around $34m.
Recognising the potential in the property, de With says although he’s not at retirement stage yet, and may look at something else on his own after sale of the Premier, he is not the one to take it the next level.
“It is an opportunity for somebody who could see the potential of that site, [but] I am a hotelier, not a developer. My expertise is behind the bar and I think you just stick to what you know.
“I’ve enjoyed what I’ve done all my life. The city of Newcastle has been good to me and so has hospitality. The hotel industry has done well by me. I just think it’s a great industry to be involved in, and hopefully more young people choose it as their career.”
The Premier Hotel is being sold via an Expressions of Interest campaign, closing Thursday 28 September.
