After nearly four decades behind the wheel, the Hampton family has handed its Lake Illawarra Hotel in Windang to a growing hotelier.
Once a Tooth’s brewery, the Lake Illawarra occupies a 6,038sqm site a stone’s throw from its namesake, around 15 kilometres south of Wollongong.
The family-run Hotel quite recently underwent a major refurbishment, amplifying its reputation for quality live music. It holds a midnight liquor licence and 16 gaming machines.
It also counts surplus land, offering alternate-use possibilities givens its SP3 (Special Purpose Tourist) zoning.
The Hampton family have owned the property for 36 years, and found themselves increasingly fielding unsolicited offers to sell. They decided to test the waters off-market.
It has now been purchased by a hotelier understood to already have pub operations in the catchment, for around $12 million, according to industry sources.
Agents would not be drawn on the exact price, except to confirm it was consistent with market guidance throughout the off-market campaign.
“The Lake Illawarra Hotel offers an incoming operator a veritable blank canvass upon which to reposition the business with a more modern and family-friendly offering,” suggested HTL Property’s Dan Dragicevich, who marketed the asset with colleague Sam Handy.
