Nic Quinn has listed his East Maitland Bank, as he moves to focus on other interests in the growing portfolio.
Found just off the New England Highway, on a 2,346sqm block, the Bank Hotel provides a public bar, bistro, gaming room, spacious first floor function space and bar, beer garden, children’s playground and off-street parking, with a 1.30am licence Thursday to Saturday.
It is being offered with DA for a full refurbishment of the gaming room and other parts of the ground floor.
Maitland is around 40 kilometres north-west of the Newcastle CBD and home to over 90k residents. It is the largest inland city in NSW and strongest regional gaming LGA in the state, and the pub now counts 29 gaming entitlements.
Quinn bought the Bank in 2019, with the venerable Laundy Hotels as a partner, taking the reins from Terry and Tammy Clancy, who had owned it since 2010.
Both Quinn and Laundy have been active purchasers in the past few years, and explain the reason behind the sale is to free up management capacity for more recent acquisitions. In 2022 alone Quinn became the new owner of both the Manning River Hotel in Taree and Tourist Hotel in Queanbeyan.
Newcastle and surrounds have seen some of the strongest valuation uplifts in Australian pubs, and the Bank is likely to fetch north of $20 million.
“This is a suburban gaming pub in a superstar LGA with tangible upside levers, which are some of the most motivating factors for pub buyers,” notes HTL Property’s Edwards, marketing the hotel with colleague Dan Dragicevich.
The freehold going concern of the Bank Hotel is being sold via Expressions of Interest, closing Wednesday, 31 May.
