The Unanderra Hotel has changed hands for about $8 million, snapped up by "well-known local business people".
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The watering hole, spread across a 3737-square-metre commercial property holding, was sold recently after being owned for decades by former St George Dragons captain Craig Young.
Young, who retired from playing in 1988, became the publican of the hotel a few years after his retirement.
The buyers did not want their names made public at this stage, Ray White Hotels Australia agent Andrew Jolliffe said.
"Both our clients, and the off market purchaser, are well known local business people; and our job was to facilitate an efficient deal which met both parties' objectives," Mr Jolliffe said.
He said the property, located opposite Wests Leagues Club, was the suburb's only hotel and had served as a meeting place for generations of locals and visitors.
"Unanderra is a strong suburb, and the multi-level hotel has been a consequently strong profit generator for many years," he said.
Mr Jolliffe, who also sold Dicey Riley's Hotel in Crown Street Wollongong last year, said the Wollongong market continued to gain strength.
"Wollongong and its surrounding areas are enjoying somewhat of a resurgence of investor popularity, and substantive works by local government and the private sector in and around Wollongong's CBD is a strong reason for this renewed level of confidence," Mr Jolliffe said.
He said approved residential land developments around West Dapto underpinned the population growth profile for the area, and strong university enrolments ensured a vibrant age demographic for the local business community.
"We have other regional centre hotel assets under agreement currently, and will make announcements about these in due course," he said.