Continuing the run of pub sales on Victoria’s famous Great Ocean Road, the Wye Beach Hotel has been sold, for the first time in over 30 years.
Considered one of the state’s iconic coastal pubs, on The Road between nearby towns Lorne and Apollo Bay, the Wye Beach is the only Hotel in Wye River, set on an elevated position offering unrivalled views across the Beach and beyond.
It incorporates a front deck, public bar, family-friendly bistro, beer garden and new function and events centre that has become popular for destination weddings.
The pub was put to market in early April, in the wake of a string of recent sales along the oceanside thoroughfare, notably including sale of the Lorne Hotel to Justin Hemmes’ Merivale, for $38 million, and in late March the Apollo Bay Hotel to an undisclosed Victorian publican, for north of its price guide of $10.5 million, and its subsequent lease to Australian Venue Co.
The sale campaign reportedly drew over 150 enquiries from around the country, from both private and more typical investors.
Long-time owners Paul and Tess Brown have now sold the freehold interest for what is said to be greater than the anticipated $5.5 million, to an unnamed “NSW-based private investor”. They say walking away will be bitter-sweet.
“The hotel and the town of Wye River have been such a significant part of our family for a long time, hence it’s been a difficult and carefully considered decision in offering the property to market.
“We wish the purchaser the very best with their sensational investment, and just as importantly, look forward to seeing the existing tenant continue to thrive in one of the world’s most beautiful locations.”
The sale was brokered by JLL Hotels’ Will Connolly, who suggests this type of asset is pressing the right buttons with investors.
“The level of interest and resultant buyer competition in the Wye Beach Hotel demonstrates yet again the furious demand for coastal hospitality assets, as well as the clear investment appetite shown in the regional pub market.”
