Sydney hotelier Garry Macdougall has expanded on his capital operations, grabbing a coastal change with acquisition of the Lakeview Hotel in Merimbula.
Boasting a waterfront site and unique opportunity as the only hotel in town, the Lakeview sits on 4,646m² overlooking the inlet between Merimbula Lake and Bay on the Sapphire Coast, around 500 km south of Sydney.
The area attracts nearly half a million tourists annually and is projected to continue strong growth, as seen in the pending Merimbula Airport Masterplan.
The Hotel comprises two two-storey structures, with public bar, beer garden, restaurant, pool room, bottle shop, gaming room with 15 entitlements, and seven motel units.
Macdougall holds a diverse portfolio with pubs in both Sydney and the Central Coast, near Newcastle. Diversifying south, the well-known publican says he was attracted to both the area and the pub.
“I just think it’s a beautiful site, and a lovely part of the world,” Macdougall told PubTIC of his decision to buy.
The off-market sale was through Manenti Quinlan and Associates in conjunction with Denis Roast Hotels, who note the Sydney hoteliers living the Australian dream and migrating to the coast, finding value in “undercapitalised opportunities” in a hot market.
“While the substantial land size of the Lakeview Hotel offers further long-term development potential, the hotel itself provides an astute operator great upside, with Macdougall poised to demonstrate what the Lakeview Hotel has to offer the local community,” offers MQ’s Gerry Quinlan.