Harvest Hospitality Group has pulled the Courthouse Hotel from market after failing to find the right buyer through an Expression of Interest campaign earlier this year.
The Tamworth pub has been part of Harvest since 2016 when the group acquired the heritage-listed venue, adding it to their portfolio spanning NSW and South Australia.
While the Courthouse was reluctantly put to market, the campaign did not produce the desired outcome, with group directors Chris Cornforth and Fraser Haughton now opting to hold onto the property.
It is a pub with plenty of history for both Harvest and Tamworth, and one the group has continued to invest in since taking ownership.
They undertook a major renovation of the Courthouse three years after acquiring it, restoring the heritage facade while completely reworking the interior. The project included an extension to the rear of the pub and the addition of the bistro, giving the long-standing venue a significant facelift while retaining its historic character.
The redevelopment was recognised with a Master Builders Association Newcastle Excellence in Building Award for a Commercial Project Under $10 million.
The high-performing regional hotel reports circa $125k in weekly revenue, with nearly 40 per cent coming through the bar and nearly 30 per cent out of the bistro. The 19 Band 2 gaming machines are currently ranked #530 on the Liquor & Gaming ranking of NSW pubs.
The group has a long-running connection with the town, having previously owned the Pig & Tinder Box and Albert Hotel, and has now been pouring beers in Tamworth for more than a decade.
Harvest is also behind the new tavern planned for Windmill Hill.
The Courthouse will eventually be one of several Harvest pubs to move into new ownership, with the group continuing to recycle capital across its portfolio.
For now, however, the Tamworth institution remains firmly in the Harvest stable.
“As with all of our assets, we continue to assess opportunities over time and make decisions in the best interests of our investors,” Harvest told PubTIC.
“For now, we’re focused on the pub and what’s ahead.
“The Courthouse celebrates its 150th anniversary this year, and we’re looking forward to marking that milestone with the Tamworth community as they’ve been such a big part of our story.”
