The steadfast Feneley family have passed the baton on their big Bull ‘n’ Bush in the Port Stephens region to the growing local hotel syndicate led by Nick Quinn.
For the past 36 years the Feneleys have captained the large-format pub, adjacent to a Coles and Woolworths and the major shopping precinct in Medowie, on an expansive 13,000sqm property.
The single-storey tavern reports strong and consistent revenue across a balanced operation of f&b, gaming room with 30 machines, and drive through bottleshop. The site provides more than 100 parking spaces, with a separate building incorporating 10 ensuited motel rooms, and two retail shops, under lease.
Frequently a hive of activity, the Bull has a long history of running community activities and holds a place in the memories of many of Medowie’s residents.
Quinn and Co divested their Windsor Castle in Maitland last year to Harvest Hotels, but still retain in the area the Lakeside Village Tavern at Raymond Terrace, and both the Bradford and Rutherford Hotels in Rutherford.
As seen in Chris Feros’ recent purchase of the thriving Engadine Tavern in Sydney’s south, Quinn’s group stood to benefit from operational synergies in acquiring the Bull.
Quinn is a Port Stephens local, and Medowie, around 30 minutes’ east, is a fast-growing region that has seen its population swell over 11 per cent to more than 10k since the 2016 Census, and Port Stephens Council suggests there will be another 15k residents in the next 15 years.
The new owners have a tendency to invest accordingly in new assets, in all departments, and beyond its already strong cashflow, they were said to be attracted to the growth in the region. The group stands to benefit from upside courtesy of the portfolio synergies and via strategic capex.
Having exchanged on the deal around a week ago, Quinn is looking forward to the next venture.
“We really respect the work done by the Feneley family,” he says.
“I love the area and we’re excited for a new challenge.”
The generational sale was managed by HTL Property’s Dan Dragicevich, Blake Edwards and Xavier Plunkett. After a start to the year that has shown the effects of a pivotal state election and uncertainty in interest rates, agents note another legacy sale is a sign of confidence for the hotel investment market, and see resurgent interest by both vendors and purchasers.
“The Feneley family have done an astounding job servicing the local community since 1987, with the venue a focal point for the ever-expanding township and suburban catchment,” says Dragicevich.
“The buyers are good regional operators that invest in bar, food, gaming, beer garden and kids’ play areas, to really get that full service offering.”
