PARTRIDGE CALLS TIME ON GOLDEN SANDS

In On the Market by Clyde MooneyLeave a Comment

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The Golden Sands Hotel at magnificent Nambucca Heads comes to market as a generation moves on and the freehold owners seek new horizons.

Long-time publican John Partridge has owned a string of pubs, and the Golden Sands for 30 years – across two locations.

“It was originally on the site now occupied by Woolworths,” explains Partridge. “The current tavern is now in the main street, built in 1999 with my then partner, builder and hotel owner Steve McEvoy.”

Over the course of several decades, Partridge has owned or been involved with the Coast Hotel at Coffs Harbour, Federal Hotel at Bellingen, McKay Hotel at Kempsey, Star Hotel at Maxwell, Henry Rouse Hotel at Ballina, and Grand Hotel at Armidale.

But well into his 60s, the Golden Sands is his last pub, before new adventures yet to be determined.

“My four sons, who have been involved in the hotels over the last 20 years, have all now moved on to do their own thing,” he says.

“We decided to sell the pub and maybe doing something else … have a rest for a while, then look around and maybe do something totally different.”

The pub is located on a 626sqm block on the retail strip, with a street level offering a main bar, bistro, gaming room and commercial kitchen, and in its subterranean level a large function space and additional bar, plus storage.

This function area was designed for live entertainment, and Partridge, who has shied away from the commitment of live music, says the space is very underutilised.

The gaming room, near the front of the Hotel, features 12 EGMs with recently upgraded hardware and TITO, but no smoking solution.

Figures show average revenue for the second half of 2017 at over $35k weekly, derived predominantly from gaming (38 per cent) and bar (37 per cent). Sale price is likely to be mid- 3-millions.

Nambucca Heads is a town of over 6,300 residents, just south of Coffs Harbour and close to mid-way between Sydney and Brisbane. It is a popular tourist destination and known for its history and diverse artistic culture, with multiple museums, galleries and markets.

The median house price in the area has grown 41 per cent in the past five years, to $376k.

The population shows a high proportion of middle-aged residents and the region is growing courtesy of local government commitment to expand residential housing retirement facilities.

The freehold going concern has been listed through Ray White Hotels’ Blake Edwards, who notes its return and potential.

“The Golden Sands Hotel is a rare opportunity to purchase a strong coastal tavern at a lower price point compared to venues in Newcastle, Wollongong or Sydney.

“The pub enjoys consistent gaming turnover, and there is significant potential upside in moving the machines into a smoking area.”

The Golden Sands is for sale via Private Treaty.

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