The NSW north coast continues to run red hot, in the form of the Pottsville Tavern of Pottsville, snapped up by a prominent and growing hotelier.
Opening in 1999, on an 8,000sqm lot near Pottsville Beach and Moobal Creek, on the Tweed Coast, ‘The Potty’ provides a large public bar, full TAB and Keno facilities and gaming with 15 machines, undercover beer garden, and bottleshop, generating strong, consistent trading numbers.
It also enjoys passive rental returns from commercial tenancies on the site.
The operation has been the business of long-time owners the Polglase family, led by patriarch Les and son Scott Polglase.
The family commissioned an off-market sale campaign that attracted several potential buyers and eventual sale price of $15 million to an unnamed operator, who is “excited to add” the Tavern to their portfolio.
The sale price is understood to reflect a yield of 6.5 per cent – more in line with what might be seen in sale of a large metropolitan asset.
The transaction was managed by Savills’ Joseph Wing and Nick Butler, and complements several proximate sales by Butler, such as the nearby Illawong Hotel in Evans Head to a partnership involving Laundy Hotels, Nick Tindall and Fraser Short.
“These large coastal assets, especially so close to the Queensland border, remain incredibly attractive to established operators as well as new entrants to the space,” says Butler.
“The residents of Pottsville have a lot to thank the Polglase family for – including their choice of buyer, who will no doubt continue their impressive legacy.”
