Newcastle identity Ian Burford is part of the leap into 2017 pub sales, offering up his alluring Burwood Inn to the growing pool of value-hungry hotel buyers.
The Burford family bought the Merewether pub in 2009 and meticulously updated and reinvented it to be the area’s premium ‘gastro’ pub. Ian Burford has worked in pubs for decades, and was formerly chairman of Bluetongue Brewery, which had its headquarters on the Central Coast.
A short walk to Merewether beach and less than 10 kilometres to Newcastle, the Burwood enjoys multiple consistent revenue streams, including accommodation and gaming atop the food & bev.
It is being marketed by CBRE Hotels’ Daniel Dragicevich and Ben McDonald, in conjunction with local specialist Deane Moore of Moore and Moore Real Estate.
“Higher yielding pub assets such as the Burwood Inn, which offer strong cash flows, are extremely tough to come by – particularly in markets such as this,” suggests Dragicevich.
This fact is the driving force behind the procession of Sydney hoteliers and investors heading north for the higher yielding propositions of the central and north coast.
In the business of Newcastle business, Moore says the region is earning its time in the sun.
“Newcastle’s ongoing development, including the significant state and federal funding allocated to improving the local landscape, is stoking confidence levels in residents and commercial endeavours generally,” he said.
The Burwood Inn is being sold via Expressions of Interest, closing Thursday, 9 March.
