Veteran publican Charlie Redmond has done the sea change, finding haven at the Coast Hotel in Coffs Harbour in a $2.8 million high water mark for the seaside precinct.
The Coast resides on a generous 1,600sqm corner of Coffs Harbour’s main thoroughfare. The popular local provides public bar, bistro and dining area, gaming room with 15 machines, large beer garden and first-floor trading area with separate bar.
It is known for live music and entertainment, making use of its late licence.
Coffs Harbour is one of the state’s larger regional centres, around 540 kilometres north of Sydney or 400 south of Brisbane, with a growing population of almost 60k people that enjoys a healthy coastal swell during the warmer months.
Redmond’s Hospitality Dynamics sold the Railway Hotel in Armidale late last year. He says he’s excited to have landed now on the north coast.
“Coffs Harbour was most certainly a target location for me … it ticks a lot of the boxes.”
He takes on the leasehold with 17 years remaining and new energy.
“I’m fortunate to be taking over a strong and established business and am excited to add my own touches to this vibrant community.”
Sale of the lease was through JLL Hotels’ Kate MacDonald, who cites the transaction as significant in the current environment as it “reflects the biggest price for a stand-alone leasehold hotel in regional NSW, possibly ever”.
“Despite changing economic conditions, this result showcases the continued resilience of the asset class.”
Well done DOOS