A long-time Illawarra pub is on the market as part of the sale of a series of venues throughout Sydney, the Illawarra and Shoalhaven.
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The Corrimal Hotel is for sale by expressions of interest, closing on March 2.
Industry sources have indicated the hotel could fetch about $30 million, however there is currently no official price guide available.
The hotel features a 24-hour liquor licence with a lucrative 23 gaming machines attached. The large format hotel is situated in the main retail and commercial precinct of Corrimal.
The Corrimal Hotel was originally named the Corrimal Family Hotel when it was first constructed in 1901.
The venue, later known as the Palm Court Hotel was last sold in 2016.
After nearly 20 years of ownership by the Illawarra's Denmeade family, the venue changed hands for just under $10 million.
The Corrimal Hotel underwent an extensive $2.5 million renovation and refurbishment in mid-2018.
Venue management declined to comment on the sale when contacted by the Mercury.
The Corrimal Hotel is one of four hotels that had been acquired in recent years by former Citi banker Damian Kelly under the Pub Invest umbrella. Other venues include the North Nowra Tavern along with Sydney pubs, the Crown Hotel in Surry Hills and the Rose & Crown Hotel in Parramatta.
In December, creditors voted to liquidate four pubs fused into the investment trust, with the four now all set to be sold.
Insolvency and restructuring experts Wexted Advisory has appointed specialist brokerage agency HTL Property to sell the Pub Invest portfolio.
The first two hotels being offered to market will be the Rose & Crown Hotel and the Corrimal Hotel.
Wexted Advisory's Andrew McCabe and Joseph Hayes were appointed as administrators to the assets in November last year.
"Given the locations and level of interest received to date, we anticipate a lot of interest in the sale of the venues," Mr McCabe said.
HTL Property's Andrew Jolliffe, Dan Dragicevich, Sam Handy and Blake Edwards have been appointed to manage the public sale campaign.
"The Corrimal Hotel is one of the state's most profitable coastal hotels, a segment of the market that has garnered perhaps the most market attention during these disrupted years; and presents all the intrinsic fundamentals that astute purchasers seek in a sub-metro hotel investment opportunity," Mr Handy said.
According to HTL Property, it is envisaged that the Crown Hotel and the North Nowra Tavern will be brought to market in mid-March 2022.
Brendan Crabb
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
