The McGeary family has presented their historic and picturesque Sedgers Reef Hotel for sale, representing an almost brand-new pub in a spectacular waterside location at Iluka.
The Hotel is the only pub in Iluka, positioned at the mouth of the Clarence River, across from Yamba, around three hours’ drive south of Brisbane
Originally named the North Head Hotel, it has operated on the same site since 1874, making it the oldest operating business in the area. Fires destroyed the structure in both 1921 and 1927, but the North Head was rebuilt yet again in 1928.
It wasn’t until 1983 it took on its current name, during 30 years of management by the Sedger family.
After nearly a century on the job, showing its age and riddled with asbestos, the single-storey building was closed early 2023 and demolished to make way for the fourth hotel on the site.
Eager to redevelop the premises to honour their parents Marie and (the late) Owen McGeary, owners Rodney and Dean McGeary realised a dream more than decade in the making with a lavish $5 million build, upgrading to a sleek, nautical design with over 80 metres of water frontage and panoramic views across the river to Yamba.
Constructed late 2024, the pub holds a 2am licence and includes multiple bar areas, commercial kitchen and dining, gaming room with 15 machines, a large outdoor beer garden and a manager’s flat. It reports weekly revenue of roughly $61k.
The age of the building also provides significant depreciation benefits.
It occupies a 2,634sqm block, and will be sold in line with two unused and undeveloped parcels amounting to 4,951sqm, for a total of 7,585sqm, across three titles, zoned SP3 Tourist. The surplus land provides scope to expand the pub operation or add accommodation (STCA).
Iluka is seeing higher visitation courtesy of improved regional access following the completed Woolgoolga-to-Ballina Pacific Highway upgrade.
After a long ownership tenure the McGearys are looking at other business opportunities and are flexible with settlement and structuring options, for approved operators.
The hotel freehold going concern and property are likely to fetch sale price of around $20 million.
An Expressions of Interest campaign closing Wednesday, 11 November is being managed by HTL Property’s Blake Edwards and Xavier Plunkett, who describe it as a “rare opportunity” for a large-format waterside pub in the tightly held north coast region.
“The existing trading footprint is expansive, and there is over an acre of surplus land to either expand the current operation or construct an additional accommodation offering,” adds Edwards.
