NEWS PROPERTY

Iris Capital’s Sam Arnaout has snapped up Newcastle’s Shaft Tavern for about $12 million, sources say. The property in the Newcastle suburb of Elermore Vale on NSW’s Central Coast is a large-format tavern on over 6000sq m of land with 26 gaming entitlements. It also has an approval for a 16-room motel development. “The Shaft Tavern will perfectly complement our growing stable of businesses and development projects in the Hunter region. We will enact a major renovation of the operations in the New Year and look forward to servicing the locals of Elermore Vale,” Mr Arnaout said. Mr Arnaout has invested heavily in Newcastle, with his company Iris Capital currently developing a large mixed-use project in Newcastle’s East End. On top of development, Iris bought the three-pub portfolio from Newcastle owners Campbell and Clare Rogers for $30 million, in an off market deal. The three pubs, Sydney Junction Hotel, Argenton Hotel and Gunyah Hotel, are the first hospitality assets acquired in Newcastle by Iris Capital. HTL Property’s Blake Edwards and Dan Dragicevich and Moore & Moore Real Estate’s Deane Moore brokered the deal.

Paul Darrouzet, owner of the multi award-winning Abell Point Marina, exchanged unconditional sale and purchase contracts for the iconic resort. The purchase has been described as the next step in Darrouzet’s plan to continue developing Abell Point as a leading international marina. “Over the course of the past two years, the Whitsundays has faced a great deal of adversity,” Mr Darrouzet said. “However that said, we are all greatly confident in the future of the region and I have a sincere and deep interest and investment in the ongoing development of the Airlie Beach community. “I am truly excited about this next phase on a number of levels, from our superyacht strategy to every aspect of our business, this acquisition makes sense.” The purchase price remains confidential, but when Coral Sea Resort was first placed on the market earlier this year, the industry price expectations sat at about $16 million.

The aptly named DTs hotel, on the corner of Church and Highett streets in Richmond, goes to auction at the end of the month. The pub owning Botte family, who have run a stable of 27 hotels over the years, are selling the property with a secure 10 year lease, returning $98,676 a year. The hotel “where every colour of the rainbow drinks” has been run as a gay pub for 23 years and is renowned for its drag shows. The hotel leasehold was sold to Paul Anthony last year. Morley Commercial agents James Lie and Josh McMullin are running the show on November 30 and are expecting in the low to mid $2 million range. Also going under the hammer is the Leinster Arms Hotel, the last watering hole of late crime writer and career criminal Chopper Read, who lived around the corner for many years. One of the few remaining single-storey hotels in the inner city, the Leinster Arms was built in 1930 for the Shamrock Brewing Company. The art deco clinker brick pub is on a 596 sq m site at 66 Gold Street on the corner of Hotham Street. Its leaseholders traded for the last day on Grand Final day which sure didn’t help Collingwood get over the line. CBRE agents Scott Callow, Nathan Mufale, Will Connolly and Ashley McIntyre are handling the December 7 auction. It is expected to fetch around $3.8 million.

Oak Valley Lodge, in the Strathbogie Shire, has sold more than two weeks before its expressions of interest campaign was due to close. The 716 hectare farm, just five minutes off the Hume Freeway, at 405 Oak Valley Road, Longwood, fetched $4.85 million. The campaign, handled by Pat Rice & Hawkins with Mansfield Real Estate, was due to close on November 28. But Mulwala businessman Paul Plunkett, from over the border in New South Wales, jumped at the opportunity and sealed the deal at 7.30 on Wednesday morning. Farmer Wayne Sullivan has owned Oak Valley since 1999. The farm has played a significant part in the “paddock to plate” movement. Mr Sullivan, who also owns the Railway Hotel in Chapel Street, supplied the restaurant with farm produce. He has been running Angus-Charolais cross cattle and Australian White sheep on the farm, using truckloads of horse manure from David Hayes’ Lindsay Park thoroughbred farm to fertilise the pastures.

The owner of two of Cairns’ most iconic motels is selling after becoming a major player in the city’s tourist accommodation industry 41 years ago. Brian Jorgensen has listed Cairns Rainbow Resort and Cairns Southside International Hotel for sale but will keep the Cairns City Sheridan St motel. The move is part of a plan to ease into retirement for the 68-year-old. “I have five kids who are not into the rigours of motel operations,” Mr Jorgensen explained. “We have had plenty of inquiries, I’m not sure if the final buyer will end up being a local. “I don’t even mind if wejust sell the leases on them.” Cairns Rainbow Resort on Sheridan St was bought by Mr Jorgensen in 1977 and he built the Southside International in 2000. He said Cairns had changed significantly since he first entered the tourism market and it had a great future ahead. “The city has gone from three motels to where it is now. The international airport in 1994 was massive, that’s really what kicked it in the guts,” Mr Jorgensen said.

A spiritually-inspired accommodation and function venue overlooking one of the most famous surf breaks in the world has been placed on the market for sale. Solscape is uniquely positioned on the hills above Raglan’s famous Manu Bay and Ngaranui Beach on the Waikato’s West Coast, is a multi-faceted eco- tourism and function destination generating revenues from several complimentary operations – including accommodation and food and beverage. Raglan was first made famous by the classic 1966 surf movie Endless Summer which featured the exploits of a trio of young American surfing buddies seeking out the world’s best wave-riding spots…. including Manu Bay’s legendary left-hand wave. The ground-breaking movie is still widely credited for making surfing the popular sport it is today. Solscape was established in 2002 – building on what was a rustic accommodation venue known as Raglan Wagon Cabins, and was founded on the holistic dynamics of surfing, the surrounding bush environment, and plant-based wholefood cuisine. The Solscape freehold land, buildings and business are now being marketed for sale by deadline private treaty, through Bayleys Hamilton salespeople Rebecca Bruce and Mark Frost, in conjunction with Bayleys’ tourism, leisure and hospitality specialist Carolyn Hanson.

Don Pancho Beach Resort in Bargara is being offered for sale under instructions from statutory trustees, through an expressions of interest campaign run by CBRE Hotels’ Hayley Manvell and Wayne Bunz. The 3.5 star resort, currently operated under a time share model and managed by Classic Holidays, is on a freehold 3940sq m beachfront lot, 14km east of the Bundaberg CBD. The resort offers frontage to Kellys Beach and is opposite the Bargara Golf Club. The multi-level Mediterranean-style resort complex has 44 self-contained units (including a two-bedroom manager’s residence), restaurant, conference room, undercover carparking and recreational facilities including a swimming pool, BBQ area, and half tennis court. Plus Architecture have prepared design concepts to provide to potential purchasers. Options include repositioning the existing product or redeveloping with modern beachfront villas (STCA). Mr Bunz said the irreplaceable beachfront site, coupled with the property’s significant development potential, would appeal to a broad buyer pool, from hotel owner-operators through to developers. The expressions of interest campaign closes on November 29.

Bowen’s Grandview Hotel which was built in 1864 and has been in the hands of the McLean family since 1919 has sold for about $20 million. The property has been bought we understand by the Sydney-based Vinta Group. The company was not responding to calls, but it is described on its Linkedin site as having “a property portfolio comprising major retail and commercial assets”. The pub featured in the Baz Luhrmann movie Australia. Twenty million is a lot of moolah for a country pub, but the Grandview, in case you haven’t been there, is a “pokie palace”.