Dicey Riley's sells for $5.4mil at auction

Dicey Riley's on Crown Street.

Dicey Riley's on Crown Street.

An "astute hotelier" has snapped up Wollongong watering hole Dicey Riley's, paying $5.4 million for the hotel at auction.

The unnamed buyer was among 40 interested parties unearthed by Ray White's marketing campaign for the Crown Street venue.

Joel Fisher of Ray White Hotels Australia said the sale price showed there was strong demand for well-positioned hotels.

"The buyer, an astute hotelier, will reap the benefits of the rapidly improving Wollongong CBD following the $650 million investment being made by a mix of private and government entities," Mr Fisher said.

The price was in line with market expectations, he said.

"We are delighted to have been given the opportunity to put a stake in the ground in terms of yields in Wollongong, and believe that this sale will deliver some well-deserved positivity to the hotel industry in the area."

Other hotels sold at the Sydney-based auction on Thursday were The Shore Club of Manly and Newcastle's The Exchange Hotel.

The packed auction room included a mixture of hoteliers and brokers, and bidding was described as "spirited".

Dicey Riley's Hotel had its origins as the Terminus Hotel, which was established in 1885 and operated until 1904.

It then operated as Tattersalls Hotel until 1991.

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