After 45 Years operation under management plus an extended settlement, the Hotel Cecil of Casino has been sold.
Vendor Nick Bulmer and family have owned the hotel as an asset for over four decades, and listed the pub in late 2021.
A sale finally settled this week, by request of purchaser Barham Hamarashid, who also holds the deeds at the Winmalee Tavern, Highlands Hotel in Mittagong, and the Evening Star in Surry Hills.
Casino is a strong town of around 12,500 people in the NSW northern rivers region, approximately 76 kilometres west of Byron Bay.
Set on an imposing 2,668sqm corner site, the prominent two-storey pub, with upstairs wraparound veranda, fronts main road Centre Street through town. It provides public bar with TAB, bistro, gaming room with 13 EGMs, a café area, onsite parking and a large drive-through bottleshop.
Marketing literature for the sale noted north of $123k weekly revenue, and upside potential in the unutilised upstairs accommodation, and surplus land at the rear.
A renovation was just completing, refreshing the interior and exterior, and updating the gaming room.
“The purchaser identified the value-add opportunities of it having been in the same local hands for around 45 years, and being run entirely under management,” suggested Leonard Bongiovanni of Manenti Quinlan, who brokered the sale in conjunction with John Hannigan of John Hannigan Real Estate.
Sale price to Hamarashid was not disclosed, but is understood to be consistent with market guidance during the campaign of around $9 million.
