The Narooma Hotel, on the New South Wales south coast, has reportedly traded hands for close to $15 million.
Offered by Blake Edwards and Sam Handy of HTL Property in Sydney, 99-101 Campbell Street, Narooma, sold after an expressions of interest campaign ended, which dated back to November.
“We were not at all surprised by how well the asset was received by the market during the sale process,” Mr Edwards said.
Narooma Hotel boasts outdoor seating with panoramic views. Picture: realcommercial.com.au
“Sam and I were quite frankly overwhelmed with enquiry, and had an extremely competitive bidding process to manage. Ultimately, however, only one party can be successful; and the successful buyer just wanted it that little bit more than the next.”
Dubbed as the pub with the ‘Million Dollar View’, Narooma Hotel attracted dollars and cents well north of seven figures, generating revenues of approximately $4.6 million.
The hotel had been owned and operated under management by Mathew and Liam Sweeney for eight years, and was snapped up by well-known hotelier Rodney ‘Ned’ Kelly of Kelly & Co Hotels.
Kelly & Co also owns several pubs across NSW’s central and mid-north coasts, as well as the Tattersalls Hotel in Casino.
Narooma Hotel has gaming and 12 poker machines plus licence to trade until 1am. Picture: realcommercial.com.au
With panoramic and never-to-be-usurped views out to Wagonga Inlet and the Pacific Ocean, the Narooma Hotel is a famous pitstop for locals and visitors alike, with views truly living up to the ‘Sapphire Coast’ name.
It’s also one of only two pubs in the town of 5,000 residents. The town’s other pub – Lynch’s Hotel – was snapped up by hospitality mogul Justin Hemmes’ Merrivale Group in 2022 for around $6m. Merivale also operates several other Narooma venues including The Inlet, Quarterdeck and The Whale Inn (which is currently closed for a major transformation).
Narooma Hotel takes up a hefty parcel of land comprising of more than 2,000 sqm.
It is allowed to trade until 1am Monday through Saturday, a relative rarity in the region, and has 12 poker machines.
There is only one other pub in Narooma. Picture: realcommercial.com.au
The south coast of NSW has been a hot commodity lately, with several venues trading hands in the past year or so.
Other sales across the region include the Australian Hotel in Nowra, as well as the Bermagui Beach Hotel and Hotel Australasia in Eden.