JLL Hotels & Hospitality Group announce the successful sale of the opportunity-laden Corindi Beach Hotel on the NSW Coffs Coast.

JLL Hotels Senior Vice President Kate MacDonald and Vice President Greg Jeloudev were exclusively appointed to manage the on-market sale process on behalf of Kelly & Co Hotels, the privately held hospitality arm of industry stalwart and valued JLL client, Rodney “Ned” Kelly and private business partner - who cited a change in investment priorities as the key motivation for selling.

Originally known as the Amble Inn, the rebranded Corindi Beach Hotel sits on an enormous 16,120sqm site located 30 minutes north of Coffs Harbour. With forecast residential growth of 25,000 people over the next 20 years, and the Coffs Harbour bypass coupled with ongoing infrastructure development, the region continues to gain momentum not only as a top tourist destination, but as a first-choice residential location as well. This is evidenced by a 31-lot residential development project currently under construction directly adjacent to the hotel.

Corindi Beach Hotel’s earnings continue to grow from the single bar, bistro, gaming and popular drive-thru bottle shop – the only retail liquor offering for 10kms. The hotel has not seen a significant renovation since its construction in the 1980’s, yet the value in a future refresh is abundantly clear. 

Vice President Greg Jeloudev suggested that “a recent temporary gaming room relocation, has resulted in increased turnover of 45%* year-on-year, leading it to become one of the strongest hotels with 12 GMEs in NSW. The incoming operator also has the added benefit of approval for an additional 8 GMEs which is forecasted to generate further significant returns.”

The purchaser has been identified as North Coast Hotel Group, who own and operate several pubs in proximate locations including Coffs Harbour and Grafton. NCHG spokesperson Harry Barry is said to be “absolutely delighted” with the purchase and will take over the business in mid-February.

JLL Senior Vice President Kate MacDonald commented; “We were thrilled to receive over 90 enquiries and 4 formal offers throughout the sale campaign, all whilst navigating a shifting economic and legislative environment. We are already working to place the c. $50m of underbidder capital into new pub opportunities in the area.”

Set to announce approximately $200m of asset sales already in 2024, the team at JLL see an exciting year ahead for the pub market.

Click here to view more Pubs recently listed for sale and sold