A posse of publicans led by Newcastle-based Nicholas Quinn have purchased both the freehold going concern of Taree’s Royal Hotel and passive freehold of the nearby Australian Hotel in Wingham.
The Royal Taree is a classic regional watering hole, offering a quality bar operation and beer garden with stunning views over Manning River, gaming room with 12 machines in smoking solution, function area, eight accommodation rooms and a three-bedroom manager’s residence.
Around 10 kilometres west lies the township of Wingham, home to around 5,000 people and one pub – the Aussie. Currently leased, the freehold counts 13 GMEs, ranked over #800 on the Liquor & Gaming list of NSW pubs.
The investment is said to serve the new owners well for a long-term play in the region.
Taree LGA is a mid-north NSW precinct around 300 kilometres north of Sydney, with local population circa 26,000.
Just a few weeks ago large swathes of the region were seeing flooding and the Royal Hotel was half underwater, but it is said to have had “little to no impact” on the potential seen in both the region and the pub.
“We have loved the area for a while and the sense of community – which was on full display over the last month,” says Quinn. “We are looking forward to being a part of that.
“I have family in the area too, so it felt right.”
Quinn and Co will take the keys in November following an extended settlement.
John McAuliffe and partners bought the Royal as a passive investment in 2006, but after some failed tenants his experience was called upon in 2018 to rescue the business. The owners put it to market in late 2019, but did not secure a buyer prior to the pandemic.
McAuliffe now joins the Powell family in the twin sale, managed by JLL Hotels’ Kate MacDonald and Leonard Bongiovanni of Manenti Quinlan.
“The region is incredibly resilient and robust and will benefit enormously from having experienced publicans embrace the community and be a part of its growth story,” offers MacDonald.
“The mid-north coast is a thriving area, with the purchasers recognising the strength of the region and value they can add to service the local community,” furthers Bongiovanni.
Prices were not disclosed for either purchase.
