After more than three decades of continuous ownership, the Kearney family have parted with their Beauford Hotel, in red-hot Steel City.
The Beauford is a postcard-perfect corner pub in the Newcastle suburb of Mayfield, enjoying dual street frontage on a 1,473sqm block adjacent to the Coles-anchored Mayfield East Village Shopping Centre.
It features a public bar, gaming room with 13 gaming entitlements, 15 pub-style accommodation rooms, a drive through bottleshop and around 22 off-street parking spaces.
The Kearneys have owned the Hotel in excess of 30 years, and tested the waters on divestment in 2019, citing its significance as one of the few remaining suburban hotels in Newcastle not already owned by a large group.
Sources in the area say they have done a deal now for around $7.5 million – marking the end of a family legacy.
“It isn’t without a touch of regret that we sell the pub,” says Sean Kearney.
The buyer was also not revealed, but is understood to be an existing Newcastle hotelier with existing properties.
Sale of the Beauford follows the recent record hotel sale for the area, with Glenn Piper buying the Beach Hotel Merewether, and the acquisitive Gravanis brothers’ Oscars Hotels buying the nearby Caves Beach Hotel.
The Beauford transaction was brokered by HTL Property’s Blake Edwards, who says he was honoured to help with the passing of the baton.
HTL MD Andrew Jolliffe says buyers are widening their scope to include sub-metro locations.
“And we see this phenomenon being sustained for some time,” he adds.
