Maitland’s Bank Hotel swallowed in $5.5m deal
The pub-collecting Laundy family has added Maitland’s Bank Hotel to its portfolio in a $5.5 million deal, and a major Queensland pub has also changed hands.
Pub baron Arthur Laundy made the purchase in a consortium with Maitland’s Windsor Castle licensee Nick Quinn from the Clancy Family, long-term publicans who had owned the venue for nine years. The freehold hotel sits on a sizeable 2346sqm block of land offers a bar, bistro, beer garden, first-floor function space and gaming room.
The purchase adds to the more than 70 properties held by the Laundy family in NSW. Craig Laundy, son of Arthur, says the purchase shows the family’s dedication to the growing region.
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“We see the Bank Hotel opportunity as a means to expand our already strong Hunter Region property exposure,” he says, dubbing the Newcastle and Hunter Valley as one of Australia’s fastest-growing regions.
The sale was managed by HTL Property’s Blake Edwards and Xavier Plunkett.
The publican family purchased Drummoyne’s Oxford Hotel in July for $42 million.
Meanwhile, Queensland-based ABH Hotel has consolidated its interest in the Airlie Beach Hotel, acquiring the property freehold 10 months after securing the leasehold interest.
CBRE Hotels agents Wayne Bunz and Hayley Manvell negotiated the sale for the O’Neill family, who had owned the waterfront property for more than three decades.
This article originally appeared on www.theaustralian.com.au/property.