A popular Shoalhaven pub is back on the market, after less than two years in its current ownership.
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Following on from the sale announcement last week of two hotels within the Pub Invest portfolio transacting for a combined $74.5 million, brokerage agency HTL Property has been appointed to sell the two remaining assets within the portfolio - the Crown Hotel (Surry Hills) and the North Nowra Tavern.
Both the Crown Hotel and the North Nowra Tavern are being sold by HTL Property via a Expressions of Interest campaign closing on April 6.
Selling agents wouldn't provide a price guide for the Nowra venue, but industry sources have indicated that there are expectations at the $20 million level.
The North Nowra Tavern was established in 1985.
According to CoreLogic, the venue has changed hands three times in less than a decade, the most recent being in 2020 for $5,400,000.
It has been owned by a series of consortiums, and another Canberra-based owner who later died in 2019.
The latest listing follows the Corrimal Hotel being sold for the first time since 2016, fetching $32.5 million.
It was part of the first tranche of assets to be divested out of the Pub Invest portfolio, which also included the $42 million sale of the Rose & Crown Hotel in Parramatta.
The Corrimal Hotel is one of four hotels that had been acquired in recent years by former Citi banker Damian Kelly under the Pub Invest umbrella. Other venues include the North Nowra Tavern along with the Crown Hotel and Rose & Crown Hotel.
In December, creditors voted to liquidate four pubs fused into the investment trust, with the four all set to be sold.
Insolvency and restructuring experts Wexted Advisory were appointed as administrators to the assets last year with the firm's Andrew McCabe and Joseph Hayes overseeing the strategic asset disposal process on behalf of the unit holders.
HTL Property's Andrew Jolliffe, Dan Dragicevich, Sam Handy and Blake Edwards have been retained to steer the sale process for the second tranche of assets.
The North Nowra Tavern is a large format coastal freehold hotel positioned next door to the North Nowra Shopping Centre.
"The North Nowra Tavern is situated on an as yet to be wholly utilized 6000 square metre landholding, with the site's zoning allowing for significant redevelopment potential and a broad range of permissible uses including neighbourhood shopping centres, medical centres and motel accommodation," HTL property director Blake Edwards said.
The business generates in excess of approximately $8 million in annual revenues across bar, bistro, gaming, wagering and retail liquor.
The hotel features a 1.30am liquor licence with 25 gaming entitlements.
There is a DA approval in place to significantly increase the size of the trading footprint and optimise the layout of the hotel.
"Following the efficient sale of the first two Pub Invest assets, we now proudly offer to the market for its consideration one outstanding Sydney and South Coast hotel, representative of their respective geographical locations and of rare AAA Grade hotel acquisition opportunities," HTL property managing director Andrew Jolliffe said.
"Both hotels offer patently compelling characteristics, and as was the case with the sale processes for both the Rose and Crown and Corrimal hotels, our firm expectation is for a robust level of interest to ensue."