Gyngell, Cornell buy up more properties around Hotel Brunswick
Byron Bay hinterland based David Gyngell and his mate John “Strop” Cornell have continued to expand their Brunswick Heads property portfolio.
It is focused around the classic 1940s Hotel Brunswick, which the pair have co-owned since 2013.
Over the past four years they’ve spent a combined $9.4 million on properties surrounding the pub. And their latest $3.4 million buy, purchased quietly off-market last month, sees them take possession of another commercial building.
It is leased to Centrelink who have the lease until 2022, with three-year plus renewal options. Currently paying $175,000 per annum, it gives Gyngell and Cornell a nice yield of 5% plus.
David Gyngell and John Cornell are building a large property portfolio in Brunswick Heads. Source: Britta Campion
It’s next door to the duo’s first expansionary purchase they bought for $3 million four years ago.
Last year they spent $3 million on a mixed-use building overlooking Simpsons Creek.
Gyngell spent $5.25 million in 2013 to buy a half share of the pub which Cornell bought the freehold in 1990 from Austotel for $2.1 million in 1990.
Paul Hogan and John ‘Strop’ Cornell at Hotel Brunswick.
It is five years ago this November since Gyngell walked away from being boss of Channel 9.
This article from the Daily Telegraph originally appeared as “David Gyngell and John Cornell buy another property in Brunswick Heads for $3.4m”.
