NEWS PROPERTY

Listed for sale, shut down during the COVID-19 lockdown and now under new ownership, it has been quite the year for the ‘world-famous’ Pinnacle Family Hotel. But you can breathe a sigh of relief as new co-owner Julie Grant has confirmed the beloved pies and jumbo crumbed steaks will stay. “This month, we’re honouring Wendy Strang, the original Pinnacle Pie lady … the pioneer,” Mrs Grant said. “The family has actually decided they’re going to hand down the original recipe to us.” Mrs Grant, who bought the lease with her husband Shane, said they fell in love with the iconic pub while they were stuck in Mackay with their food truck during the coronavirus pandemic. The duo from Kalgoorlie, Western Australia previously ran food trucks to major events around the country including to rodeos and campdrafts. “We actually took one of our food trucks out to O’Sheas at Walkerston,” Mrs Grant said. “Karen and Andrew allowed us to trade alongside their pub. “While there, they told me they had a pub out at Pinnacle; I didn’t even know where Pinnacle was at that stage. “We came for a drive and had a look and went ‘the valley is just gorgeous”. “We got out of the car … and I just went ‘this is where we’re meant to be.”

The Royal on Ninety-Nine in Queensland’s Manaroa Region has been acquired by the Waratah Hotel Group. The Roma pub is located in the town’s centre, roughly 480 km west of Brisbane. The hotel was discreetly offered to a select group of operators just prior to the COVID-19 shutdown by Leon Alaban of Savills Australia, on behalf of sellers The Garvie Group. Waratah Hotel Group made the most compelling offer, which both parties made work in the context of the COVID-19 crisis.

A 17,280sqm waterside resort with upside in Port Macquarie has been sold for $6 million. A local investor has purchased the “turn key” waterside resort on behalf of the Trustees for Sale appointed, Rodgers Reidy. 50 Settlement Point Road was sold with vacant possession and has an array of quality existing improvements. The 24 self-contained two-bedroom units, plus a three bedroom managers’ residence and ground floor reception/office area, all come with on-site parking and a ‘turn-key’ resort operation. The large scale site is in a well-known location with views of the Hastings River; and is a land holding with quality improvements as well as a major development opportunity (STCA). The deal was negotiated by Nick Lower, Leon Alaban & Selin Ince of Savills Hotels Australia, together with Greg Laws of LJ Hooker. “Positioned on the highly desirable mid-north coast of NSW, 50 Settlement Point Road represents a once in a lifetime opportunity to acquire a prime, waterside resort, and we received a lot of interest from owner occupiers, investors and developers alike,” Mr Lower said.

JLL Hotels & Hospitality Group has completed the off market sale of Brady’s Railway Hotel in Albury for $9.6 million.

International and interstate buyers will be targeted in the sale campaign for a Tamborine Mountain resort approved for six additional villas. Adam Grbcic and Tony Grbcic, of Kollosche, have been engaged to market the Escarpment Retreat & Day Spa at 123 Alpine Tce in an expressions-of-interest campaign closing on November 4. The seller is Ayzo Holdings Pty Ltd, linked to Wang Dishangshu, which acquired the idyllic 2.2ha rainforest property for $1.52m in 2014. Adam Grbcic said the resort business run from the property, which includes six units spread across three villas and a three-bedroom house, has proven resilient during COVID-19. He said turnover was more than $500,000 per year.

An established drive-through bottle shop and hotel in Ingham has sold under the hammer for $1,965,000 at a Burgess Rawson portfolio auction in Sydney. The East Ingham Hotel was among more than a dozen properties worth more than $41m which sold at the auction earlier this month. Burgess Rawson selling agent Michael Gilbert said there had been keen interest in the hotel because of its strong investment terms and tenancy arrangements with the ALH Group. Ingham was also a “thirsty” spot, he said. “We had about 150 inquiries for the property and something like 40 people asked for contracts,” Mr Gilbert said.

A unique opportunity to own a national award-winning backpacker establishment is up for grabs after it came onto the market for the first time in a decade. Noosa Flashpackers at Sunshine Beach, which was developed by a local family over the course of a 10-year period, is expected to create a lot of interest. The business has been recognised nationally for providing a higher standard of accommodation for value-minded travellers while retaining a fun, relaxed and welcoming approach. Colliers International Sunshine Coast agent Johnny Gooderham said the owners planned to retire knowing they had left behind a legacy of an outstanding business. Expressions of interest close on the 1520sq m Pacific Ave site on October 22.

The Parap Tavern has been sold to a national partnership portfolio that owns 60 retail and hospitality properties across Australia for $19.7m. Australian Leisure and Hospitality Group (ALH), which currently leases the tavern and adjoining bottleshop, has signed a 15-year lease with the new owners Long Wale Investment Partnership (LWIP).

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