Taree’s large-format Manning River Hotel has been snaped up by the acquisitive syndicate led by Nick Quinn.
Situated on Taree major thoroughfare Oxley Street, just a few hundred metres from the mighty Manning, the established Hotel claims many of the characteristics common to high-performing regional operations.
It is historically Taree’s best-performing gaming venue, holding 20 entitlements and smoking solution, under a 3am liquor licence, but the business also counts 22 recently refurbished motel rooms, on a separate title, plus a laundromat business.
The site also provides 63 off-street parking spaces, in addition to the large public carpark opposite, and 20 pub-style accommodation rooms, which are currently not operational.
Total weekly revenues across the business are reported at circa $80k.
Sources say the Quinn partnership has paid a figure approaching $20 million for the freehold going concern.
The group is building presence in the region, already owning the Wingham Hotel (former Australian), near Taree, and the town’s Royal Hotel – both bought early 2021. Taree LGA is a mid-north NSW precinct around 300 kilometres north of Sydney, with local population circa 26,000.
Vendor at the Manning River was the estate of highly regarded industry professional Ray Bailey, and its sale represents the first time it has been offered to market in over 16 years.
Keepers of the estate engaged HTL Property’s Blake Edwards to discreetly garner interest to optimise the divestment. This follows the agency’s recent big-ticket sale of Taphouse Group’s Port Macquarie Hotel.
“Given our contemporary knowledge of the current market appetite, we were able to achieve a price in excess of our client’s expectations,” offered Edwards.
