HTL Property agents Andrew Jolliffe and Dan Dragicevich are steering an International EOI sale process on behalf of a long-term ownership syndicate who were involved in the venue’s construction in 2011.
“We’ve been fortunate enough during our careers to enjoy successful association with beachfront institutions including, The Newport Arms, Beach Hotel (Byron), Hotel Steyne (Manly), Coogee Pavilion, Lennox Head Hotel, Clovelly Hotel, The Collaroy Hotel and Hugo’s (Manly); and Newcastle’s Surfhouse enjoys its place in this esteemed cohort,” said HTL managing director, Andrew Jolliffe.
“impeccably constructed, and promoting uninterrupted views of the most stunning coastline, this multi-level hospitality asset is A-grade in every sense. As an industry we talk liberally about generational assets, perhaps too liberally; but this is undeniably one of those assets on Australia’s picturesque shoreline that commands attention on the rare occasion it becomes available to acquire,” Mr Jolliffe said.
The oversized 2,277sqm trading footprint is spread across three levels and combines a strategic blend of complementary offerings across multiple outdoor areas historically generating cash flows in excess $10m per annum.
“Newcastle is geographically a highly sought after investment centre. Proximity to Sydney, the Hunter Valley, international flights from its airport; world class higher and tertiary education facilities and the favourable lifestyle it affords its constituents, all makes for a magnetic investment thesis,” HTL national director, Dan Dragicevich said.
Local confidence is further underpinned by Iris Capital’s recent $240m mixed hospitality asset sale to the Redcape Hotel Group.
“Having sold Merewether’s outstanding Beaches Hotel ($40m), we fondly recall the market interest generated in irreplaceable Newcastle hospitality assets and expect significant interest in this rare trading opportunity.”
