Classic coastal local the Adelaide Hotel of Moruya has hit the market for a “short and sharp” sale campaign by private owners.
The pub is strategically located at the north end of the main thoroughfare of Moruya’s town centre, on a 2,576 sqm corner of the Princes Highway, overlooking the Moruya River and Riverside Park.
The first hotel seen coming from the north into town, it is one of Moruya’s most picturesque landmarks and serves as a one-stop destination for accommodation, dining, entertainment and local events, attracting tourists, travellers and holiday goers, freight drivers and plenty of locals.
Its amenities – all with disability access – comprise two large bars and TAB, commercial kitchen and bistro, gaming room with 17 machines, modern conference room facilities, beer garden, an outdoor balcony area, and two spacious and elegantly furnished accommodation suites. There is off-street parking for 55 vehicles.
There is notable potential upside in the approved DA to expand the accommodation with an additional 11 suites, on underutilised land.
Moruya is a thriving historic town on the NSW south coast, approximately 305 kilometres south of Sydney boasting growing amenities, including schools, sporting facilities, an airport and district hospital. It was proclaimed a municipality in 1891, but the Adelaide, one of the first pubs in the region, had already been trading for more than 20 years.
The current building, constructed in 1882 and known locally as ‘The Addie’ has sustained a cultural reputation for more than a century, welcoming crowds from local attractions such as golf, country markets, races, scenic lookouts, beaches and islands.
Vendors on the sale are Matt Irving and Scott Cameron. Irving, who has a background in building, runs day-to-day operations.
The business reports “solid” gaming numbers and a diverse mix of revenue streams, said to be underpinned by a “band of loyal locals”, generating gross profit of $1.8 million and EBITDA of 45 per cent.
Despite the attention given to sales on the NSW north coast, such as that of the Pottsville Tavern to an unnamed buyer, agents for the Adelaide report interest to the south of Sydney is “equally bullish” – particularly for coastal pub assets on big footprints.
After testing the waters off-market via an invitation-only process, Savills’ Nick Butler and Hugo Weston are steering a rifle two-week campaign, looking at sale price circa $14 million.
“Moruya is a thriving town with significant population growth care of large, high-quality residential developments at every point of its current outskirts,” notes Butler.
“The Adelaide Hotel is a classic coastal pub,” adds Weston. “I anticipate plenty of interest from established hoteliers, as well as newcomers keen to expand their coastal accommodation portfolios.”
The freehold going concern of the Adelaide Hotel Moruya is being sold through an Expressions of Interest campaign, closing Friday, 26 May.
