After an exhaustive marketing campaign, the Caledonia Hotel has been sold to new blood, as the incumbent looks to other hotel and business interests.
Local Ian Negline has been owner of the Caledonia, along with other Central Coast hotels and tourist parks, operating the pub under management.
Amid growing commitments, he offered up the freehold and business, comprising bar, bistro, six EGMs, drive through bottleshop and 10 pub-style accommodation rooms, on a 2,022sqm block.
The Hotel is in Aberdare, part of the Cessnock LGA, with a growing population around 55,000.
In light of the continued shortage of hotel stock and upsurge of interest in the Central Coast and Hunter Valley regions, in both commercial and residential property, the EOI campaign yielded over 80 enquiries before finding a new home with newcomers looking for a sea-change business to run together.
The sub-$2 million price point for the attractive old pub in a growth corridor proved to represent a good option for first-time operators Rob Fraiser and partner Christine Wright.
The pub was transacted by Ray White Hotels’ Blake Edwards and Xavier Plunkett, representing the sixth sale to first-timers this year by the national company.
“The sale of the Caledonia Hotel highlights an ongoing theme of new market entrants into regional Hotels,” says Edwards.
“One can effectively purchase a profitable hotel with a 15 per cent annual return in a large regional centre, for less than the cost of a terrace house in Sydney.”
Fraiser and Wright are reportedly eager to make more of the prominent pub’s food offering, and bring the love of the owner-operator to the business.
