Another strong regional pub is up for grabs in the Grand Neath Hotel of Cessnock, as ongoing residential migration moves the goal posts on hospitality opportunity.
Set on a generous 1,227sqm site on a prominent corner of Cessnock Road, the three-storey Federation-style Grand Neath, with wrap-around iron lacework veranda on two frontages, is true to its name.
The country pub offers a welcoming public bar with TAB, a large courtyard, kids’ games room, and 28 boutique guest rooms spanning the upper levels, with numerous off-street parking spaces. It holds a 2am liquor licence.
The current owners bought it three years’ ago, and understanding the local demographic have put a strong emphasis on the foodservice, via the popular Italian restaurant Cellinis, and two large-scale dining rooms. There have been plans for furthering the accommodation offering and bringing in cellar door experiences from the surrounding wine country.
“They recognised that if they delivered a quality offering, people would come,” offers Nick Lower of Savills Hotels, marketing the property with colleague Selin Ince.
The private family is considering personal circumstances, and see opportunity in a red-hot market to realise the upside they’ve created. Considering comparable properties it is likely to fetch sale price circa $1.5 million.
Agents suggest the likely buyer will be someone with similar vision and a drive to meet the changing market, as large-format regional f&b operations come back in vogue with investors as well as patrons.
“Contrastingly, other investment classes have experienced exposure to the volatility of global issues and trends and subsequently have resulted in less desirable returns,” notes Lower.
“Over 2020 and 2021 pubs and accommodation have emerged as a standout sector, outperforming core asset classes such as office and retail.”
The Grand Neath Hotel is being offered to market via Private Sale.
