Australian Hotel Ballina sold
HTL Property is pleased to announce the first of a number of hotel sales to commence 2020, in the form of the Australian Hotel in Ballina which has traded for $4m.
The transaction was coordinated by HTL Property Directors Blake Edwards and Glenn Price, who sold the asset on behalf of popular local publican Patrick Henderson. Mr Henderson had owned the property since 2013.
"We always find that any listing around the Northern Rivers system of NSW attracts enormous interest and competitive bidding from potential purchasers; the Australian Hotel was no different" commented HTL Property Director, Blake Edwards.
"The Purchaser identified strong upside in the business, especially in gaming, which served to compel it to buy the hotel" Edwards concluded.
The hotel is situated on a large corner position in the main street of Ballina, a coastal town in the scenic Northern Rivers Region of New South Wales. Home to the Ballina / Byron Bay airport, the hotel featured a bar, bistro, 18 accommodation rooms, 12 gaming machines and a large outdoor beer garden.
The Purchaser of the hotel is former and highly regarded CUB Sales Rep, Jackson Quinn; who has relocated to Ballina with his wife and young family.
“After 11 years in hospitality working for large-format venues and a leading brewery, we both knew we were looking to escape the Sydney rat race and, with family nearby, Ballina is just a beautiful place with so much potential” commented Mr Quinn.
"I have worked at pubs before that were at the heart of the community, and The Aussie with its location, size and multiple offerings, can be that pub for Ballina” concluded Quinn.
The sale closely follows some of HTL Property's other recent and significant coastal NSW transactions including the Ivory Tavern in Tweed Heads ($9.75m), Kincumber Hotel, Central Coast ($14.5m) and the Lakeside Village Tavern at Raymond Terrace ($12m).
“We’ve applied a concerted and strategic focus to the Northern NSW Coastal Region in the past 24mnths, and have been rewarded by our participation in 10 sales totalling in excess of $120m during this time” added HTL Property’s National Director, Dan Dragicevich.
HTL Property, 22nd January 2020
