Following a good stretch on the market, the Roys have sold Erina’s Sunken Monkey Hotel to Sydney buyers on a tight yield.
The former Woodport Inn was purchased by Brian Roy and family, who performed a major renovation, opening with a striking new format in 2016. The renamed Sunken Money would go on to win both Hotel of the Year –Country and Entertainment Hotel of the Year at the 2016 AHA NSW Awards for Excellence.
The family continues to operate a real estate business with four offices, and considering some property development projects determined it was “time to move on”, originally listing the pub for auction with Knight Frank last year.
Having not met expectations, the asset has been strategically marketed since, although the highly popular and award-winning nightclub proved a sticking point for several contenders.
It has now transacted to undisclosed buyers from Sydney, reportedly “newcomers to the freehold market” who have faith they can sustain its success.
“The purchasers saw value in the consistently high levels of patronage, and believe they can continue to provide the community with quality late-night entertainment, along with a bustling local pub trade,” reports Knight Frank’s Kate MacDonald, who managed the sale with colleague Mike Wheatley.
Built on a generous 3,800sqm block on The Entrance Road, it is the only pub in Erina – just six kilometres east of bustling Gosford.
“Publicans are still hungry for quality assets north of Sydney, as they offer value for money relative to the Sydney CBD and surrounds,”adds MacDonald.
While the price was also undisclosed, it is said to reflect a sharp ten per cent yield on the regional freehold going concern.