The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FULL PROGRAM RELEASED FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FULL PROGRAM RELEASED FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
VIEW FULL AGENDADETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
1
print
Print
HotelPhil BartschFri 29 Jul 22

Newcastle Bar Sells as Pub Deals Keep Flowing

Honeysuckle Social Newcastle

A newly renovated venue has changed hands in a NSW waterfront entertainment hotspot as the frothy appetite continues for hotel and hospitality assets.

Honeysuckle Social, a popular food and beverage outlet in Newcastle, has been acquired as a freehold going concern by Sydney hotel operator Roman Nalywajko.

It is his first hospitality play after a longstanding role as general manager and licensee of Hotel Pennant Hills on Sydney’s upper north shore.

The venue has a 450sq m trading footprint within the Honeysuckle waterfront entertainment precinct, one of Newcastle’s largest urban renewal projects.

Surrounded by a mix of commercial and residential property, a significant pipeline of development is still under way in the precinct.

The sale price has not been disclosed but industry sources said similar strata commercial space along the Honeysuckle strip were fetching $7500 to $8000 a square metre.

Honeysuckle Social’s weekly revenue was spruiked as more than $55,000 under Covid trading restrictions when it was put on the block this year.

With an additional 1000-plus apartments nearing completion with a 2km radius of the venue, the turnover is forecast to increase.

The venue was built 10 years ago, trading as the first James Squire brew bar before being rebranded two years ago.

Its sale follows a string of other transactions in the area, including Lake Macquarie Tavern ($33 million) at Mount Hutton, Orana Hotel ($13 million) in Blacksmiths, Imperial Hotel ($18.5 million) at Singleton, Newcastle’s historic Lucky Hotel ($20 million) and the Duke of Wellington Hotel ($16 million) in New Lambton.

In a statement, Nalywajko said he and wife Alyssa were excited to secure the new venture.

“We absolutely love the space and very much look forward to serving the Honeysuckle and greater Newcastle community,” he said.

“We have been looking for a business to call our own for a long time, so it’s incredibly satisfying to have finally found it.”

The deal was brokered by JLL Hotels and Hospitality Group’s Kate MacDonald and Ben McDonald.

“In a post-Covid world, talented operators are moving outside the major cities to put their mark on the regions,” MacDonald said.

Newcastle’s historic Lucky Hotel, about a 10min walk from the Honeysuckle, recently changed hands for $20 million.
▲ Newcastle’s historic Lucky Hotel, about a 10min walk from the Honeysuckle, recently changed hands for $20 million.

“Often these moves do not involve gaming, especially if the location is coastal, and the thirst for F&B [food and beverage] is at a peak.”

The strong demand for hotel and hospitality assets has spread across city, coastal and country areas and its momentum is showing no signs of slowing.

In another recent deal, Minskys Hotel—a late-night watering hole at Cremorne on Sydney’s lower north shore—changed hands for the first time in nearly two decades for $39 million.

Former Sydney lord mayor Nelson Meers paid a record $160 million for the Crossroads Hotel in Casula in Sydney’s south-west.

Other deals have included the landmark Pendle Inn Hotel ($75 million) in western Sydney, Amble Inn at Corindi Beach ($12 million), New Ivanhoe Hotel at Blackheath in the Blue Mountains ($6 million), Globe Hotel at Deniliquin ($6 million) and the Post Office Hotel at Gulgong ($5 million).

Last year, there were $1.427 billion worth of pub sales in NSW—up almost 144 per cent on 2020.

In Victoria, AFL’s Hawthorn Football Club has recently scored a record-breaking win off the field, pocketing $85 million from the sale of the WestWaters Hotel & Entertainment Complex in Melbourne.

Acquired by Sydney-based Oscars Hotel Group, the transaction is Victoria’s highest recorded pub sale, trumping last year’s $54.5 million deal for Bendigo’s All Seasons Hotel secured by NSW-based Redcape Hotel Group.

HotelAustraliaSector
AUTHOR
Phil Bartsch
The Urban Developer - Writer
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
Nation's build-to-rent project Charlie Parker in Sydney's Parramatta where more projects are being located and built outside the CBD.
Exclusive

Foreign Capital Still Dominates BtR but Things are Changing

Marisa Wikramanayake
7 Min
Exclusive

Fortis Reveals Plans for Coveted Bowen Terrace Site

Taryn Paris
4 Min
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
Qld Budget 2025-26 Brisbane City
Exclusive

Billions Promised, Now Deliver: Industry’s Qld Budget Verdict

Vanessa Croll
6 Min
View All >
A rendering of the three-storey apartment project Arca by Red & Co at Stafford near Brisbane.
Residential

‘Confident’ Red & Co Starts Work on Stafford Apartments

Marisa Wikramanayake
Residential

Consolidated Reveals Next Riverfront Play in $64m Deal

Leon Della Bosca
Sponsored

Rare Coastal Development Opportunity in Heart of Mooloolaba

Partner Content
An exceptional opportunity has arisen to acquire one of Mooloolaba’s most premium development landholdings...
LATEST
A rendering of the three-storey apartment project Arca by Red & Co at Stafford near Brisbane.
Residential

‘Confident’ Red & Co Starts Work on Stafford Apartments

Marisa Wikramanayake
2 Min
Residential

Consolidated Reveals Next Riverfront Play in $64m Deal

Leon Della Bosca
2 Min
Development

Rare Coastal Development Opportunity in Heart of Mooloolaba

Partner Content
2 Min
A rendering of the proposed retail, office and accommodation building along Gawler's main street. Source: John Byleveld Architects
Development

SA Developer Taps into Gawler Accommodation Demand

Leon Della Bosca
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/newcastle-bar-honeysuckle-sold-nalywajko