Byron Bay’s Beach Hotel price cut to $75m
The owner of one of Australia’s most iconic pubs, The Beach Hotel overlooking Byron Bay’s Main Beach, appears to have dropped his ambitious asking price to about $75 million.
Expressions of interest have been called for the pub, which was developed by Paul Hogan and John Cornell from the proceeds of their film Crocodile Dundee.
“The property is a landmark investment with professional management and a 10 x 10-year lease in place,” agent Remax Coastal says.
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The Beach Hotel hit the market in July last year with price expectations of $80 million and is being sold by Max Twigg, a Melbourne businessman who made his fortune through waste management. Public records show Twigg paid $44 million for the pub on Bay St in mid 2007.
The Beach Hotel in Byron Bay features extensive outdoor dining.
Melbourne pub baron John van Haandel will control the hotel’s lease until mid-this year but he has two 10-year lease options over the pub, which earns about $4.2 million a year.
Occupying a large 4485sqm corner site, the Beach Hotel sports several bars and bistros overlooking Byron Bay’s surf. It also carries 25 adjoining hotel rooms and conference facilities, which were developed later.
The sale comes as pub barons continue to offload eastern seaboard hotels at aggressive prices.
Pub baron Bruce Solomon and restaurateur Matt Moran recently bought Newtown’s Marlborough Hotel for about $33 million from a coterie of investors.
This article originally appeared on www.theaustralian.com.au/property.
