Amid the hot run on coastal hotels radiating north and south of Sydney, long-time publican Lloyd Segerstrom and league legend Ian Schubert are divesting their resurgent Bomaderry Hotel.
Segerstrom and Schubert bought the large-format pub as partners in 2014 from the Marlow Group, and set about positioning it as a family-friendly operation catering to a wider demographic, with a more balanced mix of trade across the bar, bistro, gaming and off-premise sales.
The pair secured a DA for extensive renovation, and another development application is pending for 23 new accommodation rooms, 19 with ensuites, on the 2,183 m² block opposite Bomaderry Station.
Stage 1 of the project has recently been completed, including overhaul of the existing eight rooms on the first floor, which are not yet in operation.
The freehold going concern is being marketed by CBRE Hotels’ Daniel Dragicevich and Ben McDonald, with the campaign set to commence tomorrow (13 May).
Given the new initiatives, unutilised accommodation and further potential in the high-demand burgeoning Shoalhaven region, McDonald believes earnings are very much on the rise.
“The vendors have completed a significant amount of the ‘heavy lifting’ so to speak with the business’ earnings now well positioned to advance in favour of the new purchasers.
“Given the hotel’s overall revenue mix, forecast business growth and strategic geographical location, we see the Bomaderry Hotel as one of the best coastal assets currently available for purchase in the market.”
Bomaderry is around two hours’ drive south of Sydney, and one of many regions experiencing ‘demand-driven’ expansion, as population growth follows infrastructure growth, in widening ripples. Significant projects in the area include the Foxground, and importantly the Berry Bypass, due to open in 2018, promising to shave up to 25 minutes off the trip from Sydney.
The Expressions of Interest campaign for the Bomaderry Hotel will close Thursday, 8 June.