Toormina pub sold
The Toormina Hotel in Coffs Harbour has been sold for a cool $10 million.
It’s an important story because it shows investors are now shifting their focus to hotels and pubs in regional New South Wales, taking advantage of the rise in domestic tourism.
The Toormina is one of those pubs, offering food and entertainment for people taking a “staycation” along the coast.
The hotel was sold by the Pelathon Group, on behalf of co-investors to joint venture interests associated with publicans Martin Short and Sean O'Hara.
Pelathon had put it through an extensive refurbishment. The place now has a large beer garden, TAB and gaming room with 20 EGMs, multiple bars and a drive-through bottle shop.
Mr Short said the high density area, which has regular long-time patrons visiting the pub, was a big drawcard.
“We like the NSW coastal region, of which we have a few in our portfolio," Mr Short told the Sydney Morning Herald.
"Being able to work with Jaz Mooney at the Pelathon Group made the deal that much smoother. We see this area of NSW as one of growth.”
He said the pub has a great layout. With multiple outdoor areas and dining, he sees the opportunity to do a lot more with the space.
“We want to introduce more of a family focus and dining experience … extend on what Pelathon started, and evolve it as a champion of the community and local meeting place,’’ Mr Short told Pubtic.
“W.Short Hotel Group will oversee the day-to-day running of the place, and Sean will be involved in the management of the business.”
What also made it attractive was that it had no competition in servicing the southern suburbs of growing Coffs Harbour.
And business is good: it boasts a healthy annual trade growth of 20 per cent.
by Leon Gettler, August 22nd 2016
