Ned Kelly and partner are selling their big development opportunity in coastal Corindi Beach to hone in on an alternate prize.
Previously known as the Amble Inn, the rebranded Corindi Beach Hotel occupies an enormous 16,120sqm site just half and hour’s drive north of Coffs Harbour.
It includes public bar, kitchen and bistro, gaming room with 12 EGMs and a popular drive-through bottleshop that is the only retail liquor outlet for 10 kilometres.
The region continues to gain momentum as both a tourist destination and popular choice for residential, forecast to grow by 25k people over the next two decades. There is ongoing infrastructure development in the region, such as the Coffs Harbour bypass, which commences construction this year.
Kelly & Co is captained by industry identity Ned Kelly. Early 2019 he picked up Old Bar Tavern, with a big block of land and clear development opportunity, and in 2022 he found another at the Amble Inn, around 270 kilometres north.
“I’ve got a business partner, Corey Dunn, in Corindi, and he was the one who said ‘Concentrate on one thing and do it properly’,” explains Kelly.
Despite residing more than 600 kilometres away and overhaul plans still in planning stage, Corindi has seen gains in trade since the new ownership, generating weekly revenue of more than $100k.
But while Old Bar is four hours’ drive from home, Corindi Beach is eight hours, and with the group also divesting the Tattersall’s Hotel at Casino, he admits Corindi seems a lot more “out of the way”.
“In saying that, I know I’m going to regret it,” Kelly says of the sale. “It’s a beautiful part of the world.”
JLL Hotels’ Kate MacDonald, Ben McDonald and Greg Jeloudev are advising on the sale, suggesting it is possibly the most exciting coastal hotel development opportunity of the year, and a “sleeping giant” for coastal hospitality.
“This sale presents an opportunity to capitalise on genuine enhancement strategies including an approved gaming threshold increase to 20 GMEs, a modern renovation to the building interior, and the potential to build up to 40 holiday villas, which combined are set to transform Corindi Beach Hotel into a coastal super pub,” offers MacDonald.
The freehold going concern of the Corindi Beach Hotel is being offered by Expressions of Interest, closing Thursday, 12 October.
