Landmark coastal pub the Bay Hotel and surrounding businesses have been listed by the Cullen family, after 35 years owner-operation.
The diverse business is set on a combined landholding of 4.4 hectares in Bonnells Bay, overlooking Lake Macquarie, with an approximately 392-metre frontage to Fishery Point Road.
The large format pub holds a 2am liquor licence with ‘early opener’ trading approvals, and a gaming room with 30 machines that was ranked #240 on the Liquor & Gaming NSW list for the March quarter, and is consistently the #1 performing gaming pub in the Lake Macquarie LGA.
Complementing the pub are 21 motel accommodation rooms and a manager’s residence, offering guests an in-ground pool and tennis courts.
And also on the property is the adjoining high-performing neighbourhood retail complex, the Bay Shopping Centre, underpinned by a long and secure lease to Coles (ASX:COL) and 23 speciality retailers.
Together the businesses report annual revenues of around $15.5 million, across bar, bistro, gaming, wagering, retail liquor and accommodation, incorporating $1.45 million in passive net rental income.
The sale also includes a vacant parcel of land, coming with DA Approval for ten townhouses. The region continues to see strong population growth, bolstered by the Trinity Point and Cedar Mill master plans.
John and Margaret Cullen and family have enlisted HTL Property’s Andrew Jolliffe, Dan Dragicevich and Sam Handy to market the legacy asset.
Agents suggest it is likely to attract a range of interested parties, including hoteliers, investors, developers and land-bankers.
An Expressions of Interest campaign on the property package closes Wednesday, 14 August.
