Ned Kelly and the group are back on the horse, going coastal to take the Sweeneys glittering Narooma Hotel on the NSW Sapphire Coast.
Formerly O’Brien’s Hotel, The Narooma is one of only two licensed pubs in town and known colloquially as the ‘Million Dollar View’ – perched on an elevated site overlooking both Wagonga Inlet and the Pacific Ocean.
Holding 1am trading authorisation, it features public bar, bistro, gaming with 12 machines and an expansive deck facing north-east, over off-street parking. It generates a reported $4.6 million in annual revenue.
Narooma is a locality of around 5k residents, roughly 350 kilometres south of Sydney. The hotel’s large landholding and R3 (Medium Density Residential) zoning provide significant residential redevelopment potential (STCA).
For the past eight years it has owned by Mathew and Liam Sweeney, operated under management.
Kelly & Co Hotels has refocused the portfolio in recent years, divesting the likes of The Tavern at Old Bar and Centennial Hotel Gulgong late 2023, and Corindi Beach Hotel early 2024, largely to concentrate on core assets such as Kelly’s Irish Pub in Mudgee, which has been in the family for 10 years now and is said to be looking to another “refresh”.
Sources say the group has bought into the beachside precinct for close to $15 million.
Having seen the hotel during a ride in the region, Kelly says it revived his appetite for acquisitions, and fishing and surfing on the coast makes a nice change from his wooden-clad winter-hugging Irish pub in Mudgee.
The view from the Narooma is reduced due to the position of the kitchen, and the new owners are already planning on moving it to the rear and extending the deck, to add 200 seats for dining and whale watching.
Kelly sees plenty of “value to unlock” and will adopt a foodservice focus taking advantage of the region’s resources, such as the kingfish, oysters and other seafood from around Montague Island.
“We’ll rejig the layout to take advantage of the view, and really focus on local produce when we can accommodate more people,” says Rodney ‘Ned’ Kelly.
Thanking the outgoing Sweeneys and with a nod to the Irish connection, selling to a Kelly, he described the Narooma as an attraction that “just doesn’t come up again”.
“It’s the sort of place that haunts you if you don’t have a good crack at it. And fortunately, I got it.”
Also in late 2023, the Sweeneys made a move into Sydney, purchasing the Salisbury Hotel in the city’s inner west from veteran Ged Dore.
Late 2025 they listed their south coast pub, citing plans to focus on their new venture.
“The hotel and the township have both been very good to us, and with the increased interest in both the South Coast region and asset class more broadly, we are taking the opportunity to refocus our attention elsewhere,” offered Mathew.
A campaign through HTL Property’s Blake Edwards and Sam Handy prompted anticipation of stiff competition, particularly given Merivale’s move into the precinct, buying first the Quarterdeck then one of Narooma’s oldest and most historic buildings, Lynch’s Hotel.
“Sam and I were quite frankly overwhelmed with enquiry, and had an extremely competitive bidding process to manage,” reports Edwards.
“Ultimately, however, only one party can be successful, and the successful buyer just wanted it that little bit more than the next.”
