JLL Hotels & Hospitality Group announced the discreet off-market sale of the leasehold interest in the Coast Hotel, Coffs Harbour for a regional record of $2.8m.

Located on a 1,600sqm corner lot on the main thoroughfare of Coffs Harbour, the Coast Hotel boasts a valuable late licence with 15 GMEs, public bar, bistro and dining area, large beer garden, first floor trading area with separate bar, and 17 years remaining on the lease.

The purchaser has been identified as experienced pub operator Charlie Redmond and family. Mr Redmond has been searching for his next challenge since exiting the Railway Hotel, Armidale in early in 2022 and is excited to have landed on the North Coast of NSW.

“Coffs Harbour was most certainly a target location for me. With a population of almost 60,000 people and growing, along with strong tourism drivers, it ticks a lot of the boxes,” stated Redmond. “I’m fortunate to be taking over a strong and established business and am excited to add my own touches to this vibrant community,” suggested Redmond.

Located 540km north of Sydney and 390km south of Brisbane, Coffs Harbour is the fifth largest regional centre (excluding Newcastle and Wollongong) in NSW, and due to its Coastal positioning, enjoys an impressive increase in activity over the summer months.

JLL Vice President Kate MacDonald negotiated the sale and highlights the significance of the transaction as it “reflects the biggest price for a stand-alone leasehold hotel in regional NSW, possibly ever. Despite changing economic conditions, this result showcases the continued resilience of the asset class.”  

Alongside the Coast Hotel, the biggest metropolitan leasehold sale in NSW was also brokered by JLL Hotels & Hospitality this year with the sale of Glenquarie Tavern in August for $28,000,000.

The JLL Hotels & Hospitality team have advised that they busy finalising a number of transactions prior to the Christmas break and look forward to making more announcements in the coming weeks.

To request a sales analysis please contact the selling agent JLL Vice President Kate MacDonald via the below contact details.

To view a list of pubs and taverns recently sold and or listed for sale click here.