FOLLOWING the record sale of the Port Macquarie Hotel this week, specialist agency HTL Property has doubled down in the region with another significant sale in the form of Taree's Manning River Hotel.
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The large format hotel was acquired by the acquisitive Nic Quinn led syndicate, which also owns the Royal Hotel in Taree; and was sold by the estate of highly regarded industry professional Ray Bailey and partners.
"Following a not uncommon theme, we were asked by our clients to garner interest from the market; and in a way that was in equal parts discreet, yet still capable of soliciting a maximized exit from the market" advised HTL property director, Blake Edwards.
"In doing so, and given our contemporary knowledge of the current market appetite, we were able to achieve a price in excess of our client's expectations" Edwards added.
The sale of the Manning River Hotel mirrors recent sales by HTL of similarly sought after sub-metro assets including Kelso (Bathurst), Thomas Blamey (Wagga Wagga), Victoria Hotel (Wagga Wagga) and the North Nowra Tavern (Nowra).
Historically Taree's best performing gaming venue, the hotel enjoys location characteristics synonymous with other high performing regional mixed revenue operations:
- gaming room with smoking solution, 20 gaming entitlements and a 3am liquor licence (Monday to Saturday);
- 20 former pub style accommodation rooms (not operational);
- separately titled and recently refurbished 22 room motel (18 operational), reception, onsite parking and laundromat business;
- hard stand car park with 63 off street parking spots and dual street access, and
- pub, motel, and car park set across in excess of 5000sqm.
The sale of the Manning River Hotel by HTL Property is the first time the asset has been offered to market in more than 16 years.
