Kincumber Hotel has been sold to the tune of $15M. HTL Property announced the sale on Monday (December 9), describing the property as a “Central Coast favourite. ”
The large format hospitality property sits on an imposing 8,582sqm site, and enjoys a prime position within the Kincumber retail precinct, producing in excess of $6.8M in annual revenues. The Kincumber Hotel has been owned and operated by property industry doyen, Geordie Clark and his brother in law James Henty, for the best part of a decade.
The pair have overseen the subdivision and development of the parcel of land to the rear of the Hotel during their tenure, as well as the overseeing the complete refurbishment and repositioning of the venue. “We are proud of what we have achieved at the Kinny.
“The hotel has been transformed into a respected community hotel catering to all ages and demographics, and we are happy that the Hunter Family will take it on its next journey, ” Clark said. The circa $15M sale was handled by HTL Property’s Dan Dragicevich and Andrew Jolliffe and was transacted upon within three weeks of listing.
“It is rewarding to know that the Hotel is effectively being sold to local hoteliers who will no doubt continue the strong community-based offering, ” Dragicevich said.
The purchaser of the property is the Hunter Hotel Group (HHG), which now boasts an enviable portfolio of eight significant hotels between the Central Coast, Lake Macquarie and Hunter regions. The group’s most recent previous purchase was of the Bateau Bay Hotel in 2017.
HHG are Central Coast locals with a head office in Erina, and with principals Paul and Bill Hunter both living in the area. “
This sale represents the 12th NSW Coastal sale our firm has managed over the past year, highlighting the significant interest shown in this most dynamic of geographical subsets, ” Jolliffe said.
Source: Media release, Dec 9 Vikki Bush, HTL Property