Iris Capital has sold off two regional pubs, putting enthusiastic local operators into promising local watering holes.
The Kearsley Hotel at Kearsley and Condobolin’s Royal Hotel are both two-storey venues with impressive street presences on major regional thoroughfares, providing food & bev and accommodation.
Built circa 1939, the Deco-style Royal resides on 1450sqm, counting two bars and a dining area.
Condobolin is on the banks of the Lachlan River in NSW’s central west. New owners of the Royal, Max Jones and family, have lived in the town for generations and are eager to create a refreshed hospitality offering that serves the community’s needs.
“The Royal is an important part of our CBD and town,” says Jones. “It’s a beautiful Art Deco building rich with original features, and we’re committed to restoring it thoughtfully.
“We’re taking feedback from locals to ensure that the reinvigorated Royal is relevant and able to meet its potential.”
Built around 1922, the historic Kearsley Hotel holds 2,023sqm on route B82, linking Newcastle and Cessnock. It offers a public bar and TAB, bistro, guest suites and a three-bedroom manager’s residence.
Mother-daughter buyers Christine Iwaszkiewicz and Katerina Skarbek plan to undertake capital works, to strengthen the pub’s appeal and create a more comfortable experience for locals and visitors.
“The hotel is a lovely, classical old lady with great bones and beautiful period features – but she could do with a facelift,” said Iwaszkiewicz.
“We’re looking forward to creating an appealing space for locals to come together and people on their way to the Hunter Region’s vineyards to stop for a coffee.”
Sam Arnaout’s group has passed on the pubs, which are no longer suited for the growing Iris empire, and report results for both sales above expectations.
“We’re pleased to have created an opportunity for forward-thinking local operators to enter the tightly-held pub market,” said Arnaout.
“The impressive sale prices achieved demonstrate that there’s plenty of interest in the sector.”
Iris engaged Manenti Quinlan & Associates in conjunction with Moore & Moore Real Estate to divest the properties, and Deane Moore says they’re sale sees “the return of two iconic venues” to eager locals.
“Both purchasers were extremely familiar with the hotels and are excited to have the opportunity to further capitalise on their potential,” says MQ’s Leonard Bongiovanni.
“The buyers intend to refurbish and upgrade The Kearsley and The Royal and return them to their former glory as regional favourites.”
The two agencies have overseen a string of recent sales in the Hunter Region, including the Family Hotel in Maitland in September, Maitland’s Imperial Hotel in late August, and the Railway Hotel Cessnock in early August.
