The handsome Grand Hotel of Newcastle East has been sold, bringing an exit by Mike Angus and re-entry by some former hoteliers.
The Grand is one of just three pubs in Newcastle East, built 1891, two blocks from the beach. When it opened the two-storey Victorian-era structure was the belle of the 50-odd hotels in the city at the time.
A recent sympathetic renovation brought 17 ensuited accommodation rooms, adding to its revenue streams already including food and beverage and gaming with six machines, with 3am trading approval.
It came to market last month on behalf of career hotelier and long-term owner, Mike Angus, who owned and operated it since 1988, anticipating offers in excess of $6 million.
The unnamed buyers are thought to be a new local Newcastle syndicate, bringing expertise from a financial background and a former hotel operator, re-entering the industry.
Sale was through JLL Hotels’ Ben McDonald and Kate MacDonald, in conjunction with Moore & Moore Real Estate principal Deane Moore.
“Having owned and operated the hotel for over 30 years, I felt the time was right for me personally and I couldn’t be happier with the result,” offered Angus.
Located in Newcastle’s burgeoning east end, around 200 metres from the beach, the 340sqm block offers assorted potential.
“The Grand Hotel offers incredible scope to capitalize on the significant transformation of the immediate area whilst leveraging the broader appeal and growing market demand for Newcastle itself,” suggests MacDonald.
“It’s obviously a great hotel asset, but given its location and presence in Newcastle, it was always considered a property play,” adds Moore.
“It was an exceptional result; the purchaser happy, the buyer happy.
“Newcastle and the Hunter region as a whole continue their impressive growth trajectory, with significant capital investment from public, private and government sources.
“This will continue to drive the appeal of the area and we anticipate ongoing interest in the location from a varied investor set.”
