CLANCYS LOOK TO EXIT THE BANK

In On the Market by Clyde Mooney

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The Clancys are taking The Bank to market, offering a handsome Maitland freehold as they look to far horizons.

The two-storey Bank occupies a sizeable 2,346sqm block on East Maitland main road Melbourne Street, just off the New England Highway.

It offers a public bar, bistro, beer garden, gaming room with 12 EGMs, function space on the first floor with bar and amenities, and approximately 40 off-street car spaces at the rear, with a 3am licence Thursday to Saturday. 

Terry and Tammy Clancy bought the freehold out of receivership, having previously owned the Forest Lodge in Sydney’s inner-west.

After owner-operating The Bank for nearly a decade, the couple are ready to reassess their lifestyle.

“We bought the pub in 2010 and have loved our time here,” offers Tammy Clancy.

“However, we want to spend more time with the family and travelling, so we think it’s time to move on.”

Around 30 kilometres north-west of Newcastle, Maitland LGA has a population of over 77,000 residents.

The couple have engaged HTL Property’s Blake Edwards and Xavier Plunkett to market the asset.

The nearby Rutherford Hotel was sold to the O’Hara-Malloy partnership in 2018 through HTL for $6.5 million. Market indicators suggest a sale price on the Bank freehold circa $5 million.

“One of the most compelling aspects of this offering is the potential gaming upside,” suggests Edwards of the pub, noting aging hardware and its location less than a kilometre from a Top250 hotel.

“Only five of its 12 current gaming machines are situated in a smoking solution, and because it is located in a Band 1 (Green Zone), a buyer enjoys the option to purchase additional gaming entitlements.”

Freehold going concern of the Bank Hotel is being sold via Expressions of Interest, closing 4 July.