Kelly & Co Hotels has divested the “opportunity-laden” Corindi Beach Hotel on the NSW Coffs Coast to honed local Harry Barry.
Originally known as the Amble Inn, the large-format pub sits on an enormous 16,120sqm site and includes public bar, kitchen and bistro, gaming room with 12 EGMs and a popular bottleshop that is the only retail liquor outlet for 10 kilometres.
Purchasing it mid-2022, Ned Kelly and partners rebranded it to the Corindi Beach Hotel, with plans for full refurbishment. The hotel has not seen a significant renovation since its construction in the 1980s.
Since the new ownership it has seen the benefit of a temporary gaming room relocation, resulting in increased turnover of around 45 per cent year-on-year, and approval for an additional eight machines, and has been generating weekly revenue of more than $100k.
Corindi Beach is around 30 minutes north of Coffs Harbour, adjacent to a 31-lot residential development project currently under construction. The region is forecast to grow by 25k residents over coming decades, proving a destination for more than just tourists.
Citing a change in investment priorities as the key motivation Kelly and his private business partner listed the asset late 2023.
The buyer is North Coast Hotel Group (NCHG), which already holds a collection of proximate pubs in the region. They will take over at the Beach this month.
NCHG’s stable includes the Hoey Moey Hotel in Coffs Harbour, the Village Green and Good Intent hotels in Grafton, and most recently Grafton’s Crown Hotel.
NCHG principal is Ireland-born Harry Barry, who has called Australia home since 1992.
He says the new acquisition is “right in our bread basket” and believes as local operators they know exactly what the area wants and needs. Corindi Beach will further the group’s staffing resources and options.
His plan is simple, and will focus on doubling the size of the bistro, and making the most of the beer garden, installing an all-weather facility.
“It needs a bit of love and attention,” says Barry. “We’re looking forward to giving it a facelift.”
An on-market sale process was managed by JLL Hotels’ Kate MacDonald and Greg Jeloudev, who report more than 90 enquiries and four formal offers generated by the campaign, amid navigation of a dynamic economic and legislative environment.
“We are already working to place the circa $50 million of underbidder capital into new pub opportunities in the area,” offers MacDonald.