Owner of iconic Byron Bay pub the Beach Hotel makes massive gain on sale

IT’S one of the most iconic beachside pubs in Australia and now rich listers have snapped up Byron’s Beach Hotel for an insane price.

The Beach Hotel in Byron Bay has sold for $70 million.

THE famous Beach Hotel in Byron Bay has sold to a fund linked to one of Australia’s richest families.

The hotel has sold for $70 million to Impact Investment Group — linked to the wealthy Melbourne-based Liberman family.

Keen race car driver Max Twigg, who bought the pub for $44 million 10 years ago, was the seller.

The property was developed by Paul Hogan sidekick John Cornell and overlooks Byron Bay’s Main Beach.

The hotel is leased to Melbourne pub industry identity John van Haandel, who has a 10-year lease with a further 10-year option.

The Beach Hotel, Byron Bay.

IIG said in a statement that it saw potential through the purchase to regenerate the “heart and soul” of Byron Bay through sustainable initiatives in the next three to four years.

“We’re looking forward to settling this transaction in six months’ time,” the statement reads.

“It’s a great hotel and we’ve already made a lot of progress planning our environmental upgrades and how we’ll work with the operator and locals to deliver real positive impacts for the Byron Bay community.”

CBRE Hotels’ Daniel Dragicevich and Wayne Bunz acted for IIG in what was an offmarket purchase of the pub.

The Beach Hotel, Byron Bay.

“There are very few landmark beachside hotels like this in Australia, both in terms of scale and location,” Mr Dragicevich said.

“The oceanfront site, lease covenant and future development upside provide a compelling mix for investors such as IIG.”

The property is situated on a 4585sq m block at 1 Bay St.

Mr Twigg made his fortune in waste management.