The iconic waterfront hotel Newport Arms Hotel, a true icon of the national hotel landscape has now been SOLD and a huge congratulations goes to Ray White Hotels who managed the successful sale of the property.
Having previously sold the Caringbah Inn through Ray White Hotels for a record 2012 sale price of approx 44m, the Bayfield family appear to be transitioning to focus on their other non hotel related assets. Ex CBRE National Head of Hotels and now Ray White Hotels Director Joel Fisher commented that the sheer magnitude of the Newport Arms site and underlying business asset meant the opportunity was as rare as he has previously seen. “We’ve managed the sale of some significant hotel assets in the past 6 months, and the market recognition for AAA grade hotel properties which are both rarely sold and enjoy future development opportunities which underpin the value is very clear.”
The iconic hotel has been purchased by Justin Hemmes who admits having been to his newly-purchased Newport Arms hotel just once, one more time than the Coogee Pavilion which he revamped last year.
“Once I went out there again and had a look around, I fell in love with it,” Hemmes said of the iconic Northern Beaches pub.
The hotel, restaurant and bar magnate’s reported $50 million purchase will see the Bayfield family hand over the long-held property in May.
Hemmes said while he had no major plans in place for the 11,500 sqm property, food would be a focus as would interaction with the local community.
For more information please contact Ray White Real Estate Narrabeen on 9970 6777