The Stevens family have been tempted into the sale of their highly popular The Prince, with a local publican beating out the Sydney competition.
Allan Stevens has been a staple of the pub industry for decades, accumulating a portfolio spread throughout New South Wales, including Balmain landmark the London Hotel.
After 15 years’ owner-operation by the family, market conditions and investor interest brought about the off-market sale of the vintage-styled Prince of Wales gastro pub, in the Newcastle fringe suburb of Merewether.
It was marketed through CBRE Hotels’ Daniel Dragicevich and Ben McDonald, who reported it was a mere “matter of days” before contracts were issued.
Although the Sydney-based Stevens family continue to own and operate the Spinning Wheel Hotel, just half an hour’s drive north of The Prince, they recognised the opportunity for divestment and agreed to accept offers on The Prince.
Dragecivich sold the family the Spinning Wheel back in 2012, and says there was some pride of place in letting go of the top-ranking Newcastle pub.
“The Stevens family are genuinely excited to see what the next chapter looks like for the Prince, and are proud to have played a part in building the reputation of such a high-quality asset.”
The freehold going concern went to a local publican eager to build their portfolio, and although the price was not disclosed the amount represented a tight regional sub-eleven per cent yield.
McDonald says the result furthered CBRE’s experience this year around the demand for strong coastal and regional hotels, particularly in the wake of the tightly held capital city assets.
