Merivale buys first venue outside of Sydney
Merivale has acquired tiki bar The Quarterdeck in Narooma, in its first venture outside of Sydney’s metropolitan area.
Merivale CEO Justin Hemmes, said choosing the venue was a no-brainer as he has a close affinity with Narooma. He will receive the keys to the venue shortly and has not announced plans to alter any trade operations.
Hemmes said: “Narooma has become my second home and the backdrop to so many of my happiest memories with my family. I think it is one of the most beautiful spots in the world, with a unique landscape, crystal clear waters and an amazing community of people who call it home.
“It has been an absolute privilege to spend so much time here over the past six years and I’m excited to now join the local business community. One of the silver linings to come out of the last year is a heightened appreciation for our own backyard, an excitement to explore our spectacular country and its coastline. We are so lucky to call Australia home.”
Set on the shores of Forsters Bay, The Quarterdeck has been an institution in the Eurobodalla community for decades. Originally an oyster grower’s shed, it has been operating as a tiki bar for the last two decades.
JLL Hotels & Hospitality Group brokered the deal for Merivale and were please to be apart of its first expansion out of Sydney.
Vice President Kate MacDonald said: “Congratulations to Merivale on their first acquisition outside of Sydney. We can’t wait to see the team thrive in this rare over-water gem, in a town where seal and ray sightings are an everyday occurrence. The locals and tourists of Narooma, and the surrounding Sapphire Coast, are in for a real treat.”
JLL has also brokered a string of deals recently, including the sale of Central Coast NSW venue The Beachcomber Hotel.
After operating under a single owner for 25 years, the beachfront pub and hospitality venue sold for $20 million. The hotel is set to relaunch as a new beach club and resort venue after JLL brokered its purchase for Oscars Hotel Group.
Affectionately known as the “Beachie”, the hotel sits between Budgewoi and Tuggerah Lakes, with close to 100m in lake frontage and its own private pier. The venue will soon relaunch as a four-star, 80-room resort and boasts multiple indoor and outdoor bars, restaurants, six function rooms, gaming and bottleshop facilities.
This is the latest purchase from Oscars who add to its impressive portfolio of about 30 leading Australian hospitality venues including The Como Hotel, The Belvedere Hotel, Towradgi Beach Hotel. Oscars said it hopes to offer “a fully integrated hospitality experience for locals and a hip weekend getaway for those seeking good vibes and lakeside relaxation”.
JLL Managing Director John Musca added: “After a long period of custodianship, the facility is ripe for evolution and the transaction evidences the continued flight to hospitality assets counting waterfront attributes foremost amongst their list of unique investment qualities.
“The weight and diversity of capital remains strong for the hotels nationally at present and, although not indiscriminate, suitors are evident across the board for investments within the highly protected and resilient asset class. COVID-19 has generated both trading challenges and opportunities arising from new industry trajectories which experienced operators are identifying and securing at pace.”
The sale comes off the back of the recent transaction of another waterfront asset, the Lennox Hotel in northern NSW by the Laundy family in association with Sydney Collective for $41m.
These deals are the latest in a number of hospitality venue sales by JLL including the transactions of The Wayside Inn and the Grosvenor Hotel in Melbourne, Old Fitzroy Hotel in Woolloomooloo, the Frisco Hotel in Woolloomooloo, the Four in Hand Hotel and Olympic Hotel in Paddington, Forresters Hotel in Surry Hills, the Native Rose Hotel in Rozelle, and East Village Hotel in Darlinghurst.