Steven Forbes has listed the operations of the Family Hotel in Newcastle West, as Steel City consolidates its massive growth of recent years.
The Family Hotel occupies around 409sqm on the ground floor of a rendered, Georgian three-story brick building on a prominent corner of Hunter Street. Inside is a u-shaped bar, commercial kitchen, bistro with banquette seating and low timber furnishings, function space for up to 200-plus, and popular beer garden.
It is equipped as an entertainment venue, fitted with PA, and DJ sound system. The bistro – currently leased out – serves pub fare plus vegetarian and vegan options.
The Family is positioned as the ‘Pub for Everyone’ and has built a huge social media following of more than 20k followers across Instagram and Facebook.
It has fostered a hip and eclectic vibe, and is dog-friendly, proximate to the boom in new developments being seen in the area, including Doma’s Huntington Newcastle and Iris’ East End project.
Operation of the Hotel is on a lease of five years, with two five-year options, that began mid-2016, meaning it has eight years remaining. Current rent is around $130k per year, with annual three per cent rental review, and tenant paying a third of all outgoings.
Immediate opportunities for an operator include resuming control of the foodservice operation, with a buyer having option to continue utilising the in-situ management team or adopt a more hands-on position.
Incumbent operator and vendor on the sale is Steven Forbes, who finds himself increasing consumed with outside interests and appreciates the rarity and desirability of this kind of hospitality operation in high-profile locations such as Newcastle.
“Steven has taken on a lot of personal responsibility of late, which is taking his time away from the pub,” offers Manenti Quinlan’s Leonard Bongiovanni, who expects “plenty of interest” in the sale.
“With the venue under management, he feels now is the right time to part ways.”
