JLL Hotels & Hospitality Group has today announced the quick sale of Old Bar Tavern on the NSW Mid North Coast after having been on the market for only 5 days.

Sold on behalf of Kelly & Co Hotels, led by popular publican Rodney ‘Ned’ Kelly, the transaction was facilitated by JLL Senior Vice President Kate MacDonald and Vice President Greg Jeloudev in what is the fastest on-market transaction for 2023 anywhere in NSW.

Positioned 2 hours north of Newcastle, Old Bar Tavern sits on one of the largest landholdings anywhere on the NSW Coast being 5.74Ha, with the nearest hotel competitors located in Taree, over 15kms away. With 18 GMEs currently on the licence (three of which are leased) the pub enjoys approval for another five which will sit in a newly renovated gaming room, along with trade generated from a popular drive-through bottle shop, bar and bistro. Total weekly revenue exceeds $117,000 (ex GST) at the hotel and continues to trend upwards given the growing residential catchment.

Commenting on the sale, Kelly noted the pub’s tremendous appeal, “It’s a terrific pub in an outstanding community, and whilst I am nostalgic about the sale, this result supports our strategy for consolidation in 2023.”

The purchasers have been identified as Nicholas Quinn and Jesse Overvliet who continue to show confidence in the area after acquiring Manning River Hotel in mid-2022 for circa $20m.

JLL Hotels Senior Vice President Kate MacDonald noted, “The sale of Old Bar Tavern highlights the market’s resilience even after a further interest rate hike on Melbourne Cup Day. Opportunities on large landholdings with a diversified mix of trade and genuine operational upside are still garnering interest from astute operators with long-term investment horizons.”