Sydney-based BFP paid $9.5 million for the property, which was offered for sale by Jackson Quinn and Ken Ellis of Clearwater Hospitality
Fund manager Black Fox Property (BFP) has added the Australian Hotel in Ballina on the NSW North Coast to its portfolio.
Sydney-based BFP, led by Greg Bachmayer and Marc Schwartz, paid $9.5 million for the two-storey corner pub, which was offered for sale by Jackson Quinn and Ken Ellis of Clearwater Hospitality, the owner-occupier of the hotel for the last two years.
Quinn first purchased the hotel at 103 River Street back in 2020 for $4 million from publican Patrick Henderson, who had owned the property since 2013.
The Australian Hotel occupies an 1800 square metre site, contains 12 gaming machines, 20 first floor accommodation rooms, multiple bars, a beer garden, a stage and operates a 3am liquor licence.
With 15 car parks and a sports bar with TAB facilities, the hotel site is zoned B3 and allows for prospective structures up to 18 metres, or around seven floors.
Ged Dore’s Tinker Hotels will now operate the property, situated near the centre of the town.
The property group’s off-market purchase of the historic Australian Hotel was facilitated by Ben McDonald and John Musca of JLL Hotels, and comes eight months after Parras Hospitality paid $31 million for the Shaws Bay Hotel and Fenwick House in East Ballina.
The sale adds to JLL’s track record of coastal asset sales across Australia, including the Great Northern Hotel in Byron Bay, the Lorne Hotel in Victoria and Gilligan’s Hotel & Resort in Cairns, QLD.
BFP last year purchased the Great Southern Hotel in Berry on the NSW South Coast for $6 million.
Early in 2021, pub baron Stu Laundy teamed up with Fraser Short to buy the The Lennox Hotel in Lennox Head, 10km north of Ballina. The pair is reported to have purchased the hotel from brothers Greg and Clyde Campbell for around $40 million.
The articles are for information purposes only and Invest for Property shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.
Invest for Property does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.
Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.