Coastal demand continues with Kincumber Hotel sale
The Kincumber Hotel on New South Wales’ Central Coast has been sold in an off-market deal.
The Kincumber hotel was sold by brothers-in-law Geordie Clark and James Henty, who have owned and operated the hotel for almost a decade. During that time, Clark and Henty have overseen the subdivision and development of the 8582 sqm block of land the hotel is situated on, as well as presiding over a significant refurbishment and repositioning of the hotel.
The Kincumber Hotel was sold to the Hunter Hotel Group for roughly $15 million. The sale was handled by HTL Property directors Dan Dragicevich and Andrew Jolliffe.
Clark reflected on his and Henty’s tenure at the pub, and all they had accomplished with it.
“We are proud of what we have achieved at the Kinny. The hotel has been transformed into a respected community hotel catering to all ages and demographics, and we are happy that the Hunter Family will take it on its next journey.”
The Kincumber Hotel joins the Hunter Hotel Group portfolio of seven other pubs within the Central Coast, Lake Macquarie and Hunter regions. It enjoys a prime spot within Kincumber’s main retail precinct and generates in excess of$6.8 million in revenue annually.
“The Kincumber Hotel has always been a highly regarded venue, and the current operation is testament to the hard work put in by both Geordie and James. The matching of asset with purchaser profile was seamless, and it’s rewarding to know that the hotel is effectively being sold to local hoteliers who will no doubt continue the strong community-based offering,” commented Dragicevich.
Hotels within coastal regions have been in high demand in the last year, attracting seasoned publicans and local operators alike. The past month alone has seen the sale of the Beach Hotel in Merewether to Andrew Lazarus; the record-breaking sale of the Beach Hotel in Byron Bay; and Lewis Land Group making its first purchase in a decade with the Mon Komo Hotel in Queensland’s Moreton Bay region.
The coastal regions are in particular high demand within New South Wales, as Jolliffe can attest.
“This sale represents the twelfth NSW coastal sale our firm has managed over the past year, highlighting the significant interest shown in this most dynamic of geographical sub-sets.”
With a few more weeks of the year left, we could very likely see more coastal pubs change hands.