The Greenwell Point Hotel is available as a freehold going concern for the first time in over 18 years, as long-term owner Peter Dobb looks closer to home.
Found on the southern bank of the Shoalhaven delta, mere metres from Crookhaven River, the Hotel is the only pub in the town of Greenwell Point, around ten minutes from Nowra, sharing custom with only a small bowling club.
The Hotel incorporates a large public bar, gaming room, bottleshop and six ensuited motel rooms plus a self-contained flat, with ample onsite parking.
It holds a 24-hour licence but rarely trades past midnight, generating an average $65K in weekly revenue over the nine months to March through its multiple departments.
Sales literature says the well-worn local would benefit from fresh eyes and some capital investment.
Occupying a generous 5,261sqm lot, the title includes an approved DA for a new pub and gaming room, outdoor sports bar and TAB in a large beer garden, and 34 new accommodation rooms.
“After years of consolidation, there are frankly not many raw hotel sites like this left in the market,” suggests HTL Property’s Blake Edwards, managing the sale with colleague Sam Handy.
Veteran publican Peter Dobb has owned the Greenwell Point for nearly 20 years, although he has leased it out for most of this time.
Dobb resides in Queensland, and finding himself between tenants thought it opportunity to sell the re-stapled freehold and business and invest in a pub closer to home.
It is being sold via an Expressions of Interest campaign, closing Wednesday, 7 May. Industry sources advise it is likely to fetch north of $9 million.
Greenwell Point is a popular Shoalhaven town seeing Federal infrastructure projects and land releases, and the unrenovated hotel offers scope for a new operator to make it one of the south coast’s landmark hotels.
“The scale, the licence, the 15 GMEs and the location, all the things you can’t change are excellent,” adds Edwards, “while some of the things you can change will benefit greatly from capex.”
