A syndicate of NSW publicans headed by Newcastle-based Nick Quinn has snapped up the Manning River Hotel in Taree on the NSW Mid North Coast for about $20 million amid a flood of capital into regional gaming hotels.
Pubs in regional towns experiencing strong population growth have become hot property for investors, commanding prices in some cases comparable with venues in the capital cities. Included in the offering was a gaming room with 20 entitlements, a 3am liquor licence, 20 pub-style accommodation rooms not currently in use and a separately titled and recently refurbished motel called the Aquatic Motor Inn with 18 of 22 rooms in use.
Source: Real Estate Daily Report (realestatedailyreport.net)
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