Country connoisseur Ned Kelly has sold his Royal Hotel of Scone to an up-and-coming local.
The regal pub is set on around 3,000 sqm, and includes 19 pub-style rooms, 10 modern motel suites, and gaming operation with nine entitlements and approved DA for a new room, altering the floorplan and improving accessibility.
Known as the horse capital of Australia, Scone boasts strong local economic drivers including agricultural, mining and renewable energy.
After something of a lull in the real estate market around the NSW state election, the freehold going concern of the Hotel has reportedly now been purchased by an established but unnamed group in the Hunter Valley, said to be looking to expand.
Kelly purchased the Royal mid-2020, during the national shutdown.
Citing too many projects in the works, in March he listed the Royal along with his Belmore Hotel in Scone, purchased early 2022, suggesting both were poised for potential.
Having now relinquished the reins at the Royal, Kelly says next on the agenda is the anticipated reimagining of the Tavern at Old Bar.
The sale was through JLL Hotels’ Greg Jeloudev, Edward Browne and Kate MacDonald.
“An extremely varied buyer pool emerged from the process, including new market entrants, established hoteliers and larger hospitality groups seeking exposure to the Upper Hunter Region,” reported Jeloudev.
“Ned has provided solid foundations for the successful purchaser, and with the approved DA, has established a blueprint for success to maximise the earnings of this hotel.”
