Goodfolk Group has expanded its Hunter portfolio with purchase of the restapled Family Hotel in Maitland.
Set on a large land holding of 2,136sqm, offering public bar and TAB, bistro, open and covered outdoor areas, function room and first floor pub-style accommodation, the large country pub first came to market in April offering a new lease.
John Elsley’s Goodfolk Group already counts a few bars and restaurants in the region, such as Newcastle’s Babylon and Blind Monk and The Whistler in Maitland.
Soon after NSW pubs reopened from the national shutdown last year Goodfolk seized on an opportunity to buy Tommy’s Tavern at Lismore. A full renovation was carried out, with a change of name to the Sherwood Hotel.
Elsley enquired of the Family Hotel, requesting the vendors also sell him the freehold, and a deal was struck.
He has wasted no time with The Family, gutting the interior for a significant, albeit cosmetic and DA-free, renovation that will sport a Texas BBQ theme. None of Goodfolk’s pubs incorporate gaming machines.
In the wake of rapidly escalating prices and tightening yields Elsley says he is pleased with the Group’s outlook.
“I’m happy to be expanding. I’m just looking to keep going, and to bring something different to Maitland.”
The sale was managed by Manenti Quinlan’s Leonard Bongiovanni, in conjunction with Moore and Moore Real Estate’s Deane Moore.
“John has a clear and grand vision for The Family and we are excited to see what the next chapter holds for the Hotel,” offers Bongiovanni.
Long favoured due to its proximity to Sydney and Newcastle, the wider Hunter region has become more popular than ever since the advent of COVID, most recently seen in Stephen Hunt’s purchase of the nearby Imperial Hotel of Maitland.
“The Hunter has been generating plenty of interest and is still proving popular with hotel assets,” furthers Moore.
“Throughout the marketing period we had numerous inspections and multiple offers and as a result, a great outcome was achieved for the vendor.”
