Sydney-based pub fund Harvest Hotels has bought the Windsor Castle Hotel in East Maitland in New South Wales for $51m in a landmark deal for an inland regional pub.
The large format hotel sat on close to 5,000 sqm, with 30 GMEs, public bar, large bistro, beer garden, drive-through bottle shop and a range of 3.5-star accommodation rooms.
The property was located approximately two hours north of Sydney in one of the strongest growth regions in the state.
The Windsor Castle deal was the largest acquisition for the fund so far, joining other assets such as the Woy Woy Hotel on the NSW Central Coast, the William Farrer Hotel and The Vic in Wagga Wagga, Brady’s Railway Hotel in Albury and the Milestone Hotel in Dubbo.
JLL Senior Vice President Ben McDonald and Vice President Kate MacDonald negotiated the off-market deal.
“With this acquisition Harvest Hotels have bolstered their stable of assets with what is undoubtedly one of NSW’s finest regional pubs,” Mr McDonald said.
“Our vendors have done an outstanding job in building a significant business and we are proud to have generated this market leading transaction outcome for them.
“This transaction highlights the market’s willingness to pursue assets underpinned by robust trading fundamentals in key growth locations.”
Vice President, Kate MacDonald said it had been a delight to work yet again with Harvest Hotels to help secure this absolute powerhouse pub from Nick Quinn and partners, who would certainly be amongst the most well-respected operators in our game.
Recent pub deals include the leasehold interest sale of the Glenquarie Tavern in Macquarie Fields for a record $28 million this week, marking the biggest leasehold pub sale in NSW.
Last month, the 151-year-old Lord Roberts Hotel in Sydney’s Darlinghurst area sold for $22.5 million, while Redcape sold the Minskys Hotel and Commercial Suites in Sydney for $39 million.
In March, Public Hospitality Group purchased he Lady Hampshire hotel and pub in Camperdown, Sydney for about $11 million, while EG and Australian Venue Co. bought The Anglers Tavern pub in Melbourne for $23.33 million in February.
Interested in pub and hospitality valuations? Read our Pubs and hospitality through the eyes of a valuer: 2022 article to learn more.