Myer heir exits Bermagui Beach Hotel as rising publican adds south coast gem to empire

The famed retail dynasty is exiting as a star publican adds the property to his high-profile collection of waterfront hotels.

The blue pool at the coastal town of Bermagui.

A scion of the Myer retailing ­family has sold the Bermagui Beach Hotel, in the seaside town on NSW’s south coast, for about $20m.

Set to officially settle later this month, the acquisition marks ­another step in buyer Glenn Piper’s Epochal Hotel’s vision to reinvigorate Australia’s iconic coastal destinations, having amassed a $200m portfolio of assets stretching from Airlie Beach in Queensland’s north down the NSW south coast.

Asked if he was following in the footsteps of billionaire publican Justin Hemmes who has been buying accommodation assets in nearby Narooma, (about 30 minutes north of Bermagui), Mr Piper said: “Justin’s a pioneer; whenever he makes a move you pay attention. Everybody knows he is very active on the south coast.”

Built in the 1970s, the Bermagui Beach Hotel will continue to serve locals and visitors with the same laid-back charm, community spirit and hospitality it’s long been known for, with Epochal readying to spend about $1m on renovations over time including maximising waterfront seating, Mr Piper said.

“I like Bermagui because it’s accessible to all three capital cities, Sydney, Melbourne and Canberra,” he said adding that the Bermagui Beach Hotel’s 18 hotel and motel rooms would remain an integral part of the operation.

Room rates will rocket from around $200 a night in winter to $500 a night in summer.

He confirmed the Bermagui Beach Hotel had 12 pokies but said Epochal’s assets were not big gaming venues. “We are more ­focused on food and beverage and accommodation,” he said.

Vendor Yannis Gantner, a great grandson of retailer and philanthropist Sidney Myer, said growing the Bermagui Beach Hotel for the past eight years had been a joy and privilege, adding: “It’s now time for me to prioritise my family and other ventures.”

Epochal also owns the Commodore Hotel in Sydney’s McMahons Point which is set to reopen soon following a refurbishment, as well as the Merewether Beach Hotel in Newcastle. In Queensland it owns Hook Island, while in the Sydney suburb of Freshwater it owns the Harbord Hotel, and Q Station on Sydney Harbour. Mr Piper said he had a personal ownership of each asset and the balance was owned via syndication.

JLL Hotels & Hospitality senior vice-president Kate Mac­Donald negotiated the off-market transaction of the Ber­magui Beach Hotel.

“Finding quality assets located in single-pub towns opposite the beach, where you can watch whales migrating while enjoying fresh produce off the local fishing boat, is next to impossible,” she said in a statement.

Pub broker Andrew Jolliffe sold Mr Piper the oceanfront hotel at Merewether and the Q Station on Sydney Harbour. “The optimisation of both assets has been frankly astounding. The development experience he has garnered from those two trades alone bodes particularly well for his Bermagui ­investment,’’ he said.

Meanwhile, another regional hotel, the Family Hotel in the NSW township of Bathurst, has sold to publican Stephen Raffen.

The NSW central-west hospitality asset is a freehold going concern hotel with bar, bistro, accommodation inventory and a profitable gaming room and was sold by HTL Property director Blake Edwards.

During their tenure, the vendors increased the gaming machines from 12 to 22, and also built a destination gaming room.

Market sources suggested it sold for about $13m.

Originally published as Myer heir exits Bermagui Beach Hotel as rising publican adds south coast gem to empire