Peter Dobb has sold his long-held Greenwell Point Hotel in Shoalhaven to an industry newcomer with a plan, as he looks closer to home.
The Hotel is on a generous 5,261sqm lot mere metres from Crookhaven River and the only pub in the town, around ten minutes from Nowra. It has a 24-hour licence, although it rarely trades past midnight, offering a large public bar, gaming room and bottleshop.
There are also six motel rooms and a self-contained flat on the large site, with ample onsite parking, plus an approved DA for a new pub and gaming room, outdoor sports bar and TAB in a large beer garden, with 34 new accommodation rooms.
Greenwell Point is a popular Shoalhaven town seeing Federal infrastructure projects and land releases.
A career hotelier, Dobb resides in Queensland and while he has owned the Greenwell Point for nearly 20 years, he has leased it out for most of this time.
Looking to find a hotel investment closer to home he listed it as a freehold going concern for the first time in nearly 20 years, reporting average weekly revenue of $65k and clear upside via renovation and refurbishment.
Likely to benefit from fresh eyes and some capital investment it was considered a “diamond in the rough” and marketed as a veritable blank canvas.
Emerging as the buyer are new entrants to the pub game wielding expertise in building and development, who have requested anonymity at this stage but are understood to be planning to proceed with the development.
The sale price met expectations, close to $9 million.
It follows a slew of recent pub sales in the Illawarra and Shoalhaven region, such as Ned Kelly buying the Narooma Hotel in February, Agnew Group picking up the Moruya Waterfront Hotel & Motel in May, and the Star Hotel of Milton selling in August.
Dobb engaged HTL Property’s Blake Edwards and Sam Handy on the divestment, who are ebullient on the current market.
“We’re finding that buyers remain active and prices buoyant across the state, and accordingly we are anticipating above average levels of transactions throughout the rest of the calendar year,” suggests Edwards.
