Buyers thirsty for Clarence pubs and hotels

With historically low interest rates and a post-pandemic migration boom, could 2021 be the year of the Clarence Valley pub?

Pacific Hotel at Yamba ignited a fierce bidding war. Photo Debrah Novak / The Daily Examiner

Seven Clarence Valley pubs and hotels have gone up for sale in the past 12 months, much to the delight of those thirsty for the opportunity to get into the hospitality industry.

With historically low interest rates and a post-pandemic migration boom, 2021 has been an ideal year for those looking to invest in a regional watering hole. And what’s not to love about taking the plunge and capitalising on what’s often the heart of a community?

Take a look at the pubs and hotels on the real estate books around the region.

Good Intent Hotel

Listed as South Grafton’s only ‘suburban hotel’ the Good Intent provided an ideal investment for potential buyers. Not only was it the closest pub to Australia’s largest and most expensive prison with a potential revenue drawn from its 600 permanent prison staff, but it also had scope to further increase revenue with a bottle shop, restaurant and short-stay accommodation. The GI recently sold by private treaty for an undisclosed amount.

Blue Goose Hotel

Four days after being listed for sale in June 2020, an offer was made and accepted for the popular Junction Hill watering hole The Blue Goose Hotel at the asking price of $410,000 (+GST). The new owners, a syndicate of local people, have since renovated and reopened the Blue Goose while maintaining the spirit of the pub’s roots.

South Grafton PO Hotel

Despite being withdrawn from sale by the owners, there was plenty of interest in the historic South Grafton Post Office Hotel when it was first listed in October 2020.

“We had a business send up some representatives from Newcastle and the Hunter Region, we had a solid inquiry out of Sydney, a few from Armidale and the New England region, and of course, some interest locally in the Grafton area, but so far we just haven’t found the right buyer,” McKimms Real Estate agent Duncan McKimm said.

The South Grafton Post Office Hotel. Photo Adam Hourigan / The Daily Examiner

Pacific Hotel Yamba

There was a fierce battle to buy the highly sought-after Pacific Hotel in Yamba in February. The famed watering hole with its 360-degree views was caught in the crosshairs of a bidding war between Sydney’s bar barons Laundy Hotels’ Stu Laundy and Justin Hemmes. It’s understood the asking price was in the vicinity of $50 million.

Grafton Hotel

The Grafton Hotel was listed for sale for the first time in 41 years under the ownership of the Dougherty family. It’s understood the family asset is being sold to fund further investment opportunities.

Over $1 million has been spent in the past 12 months to refresh the bistro, bar and function room.

HTL Property’s Xavier Plunkett says he expects strong interest, both from Sydney-based hoteliers as well as local buyers.

Roches Family Hotel

Expecting to see an offer close to $3 million, it’s an entry-level price point that could be attractive to the new buyer looking to break into the hospitality industry. The sale of the two-storey sandstone and timber Federation-style hotel also includes a four-bedroom cottage next door which often trades as short-stay accommodation.

Jacaranda Hotel

Listed in April 2021, it’s the first time in over five decades that the iconic Jacaranda Hotel has been put up for sale.

The two-storey wooden building situated in the Grafton CBD was originally named the Willow Tree Hotel and first opened in 1876. It wasn’t until 1939 that the Jacaranda Hotel got its name.

Dougherty Property agent Derek Morgan said there had already been much interest both locally and out-of-area since it was first listed.

The iconic Jacaranda Hotel is up for sale for the first time in over 55 years. Photo: Dougherty Property