The Lake Illawarra Hotel in Windang has changed hands after more than three decades.
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The hotel has been sold by a private syndicate of owners who had operated the venue for 36 years.
The syndicate had reportedly received numerous unsolicited offers to buy the hotel over the past two years.
Therefore, the consortium enlisted agents Dan Dragicevich and Sam Handy from national brokerage agency HTL Property to undertake a targeted off-market campaign.
According to HTL Property, following a "fiercely competitive" off-market process, the hotel was purchased by an Illawarra hotelier with existing pub operations in the area.
The selling agents said they couldn't disclose the identity of the buyer, or the sale price.
However, according to CoreLogic, it sold for $12,175,000 earlier this year.
The former Tooth's brewery hotel is located on Windang Road.
The Lake Illawarra Hotel sits on a 6038 square metre site, with surplus land offering alternate-use possibilities given its SP3 - Special Purpose Tourist zoning.
The Lake Illawarra Hotel has a midnight liquor license with 16 poker machines attached.
It also includes 10 accommodation rooms with ensuites, currently unused.
"The Lake Illawarra Hotel offers an incoming operator a veritable blank canvas upon which to reposition the business with a more modern and family-friendly offering," HTL Property national director Mr Dragicevich said.
The Lake Illawarra Hotel is the seventh hotel sold by HTL Property within the region over the past three years.
It follows sales of the North Nowra Tavern, Waterfront Tavern, Central Hotel, Figtree Hotel, Unanderra Hotel and the Warilla Hotel.
Brendan Crabb
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
