The Bennett Hotel in Hamilton has changed hands for the first time in more than three decades after being sold off-market.
The Bennett is positioned on the corner of Denison and Steel streets and is believed to boast the oldest continuous licence in Hamilton, dating back to 1865.
It is the last remaining of 11 hotels that operated in less than one kilometre of Denison Street in the late 1800s when Hamilton was a busy mining community.
Originally known as The Lame Dog, the hotel was later renamed The Agricultural but was better known as the Tudor, after its original owner Thomas Tudor.
In 1824 it became known as The Bennett Hotel.
It has been owned and operated by the McCoy family since John McCoy and his wife Betty purchased the hotel in 1985.
The property has been sought after for some time, according to Dean Moore of Moore and Moore Real Estate. He brokered the off-market sale to the Turner family, who formerly owned the Lambton Park Hotel and are originally from Sydney.
“The family have agonised over this decision for a long time but feel that not only is the timing right, but that the new owners, also a family group, will carry on their legacy” Moore said.
The sale price has not been disclosed.
The purchasers are set to take ownership of the pub in January.
Mr Moore said interest in the Newcastle hotel market remained strong from Sydney operators due to capitalisation rates being slightly greater in the regional city.
The Bennett Hotel sale comes after Sydney-based Iris Capital bought the Sydney Junction Hotel in Hamilton, the Gunyah at Belmont and the Argenton Hotel from Clare and Campbell Rogers to the tune of $30 million and then Elermore Vale’s Shaft Tavern in Elermore Vale.
The Burwood Hotel in Merewether also changed hands last month.
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Warabrook shed development
A cost-effective solution for small businesses looking for a workspace or residents looking for extra storage space or to downsize will soon be available through a new commercial unit complex in Warabrook.
My Shed Newcastle is a 57-unit gated complex to be built at 31 Warabrook Boulevarde.
Agent Allan Kentwell, from PRDnationwide Newcastle and Lake Macquarie, said the complex would provide much-needed small business and storage space for the region.
Units range from 20 square metres to 46 square metres, varying in depth and width. They range from $90,000 to $195,000 and are being sold off the plan with 12 already secured.
Completion is expected by the middle of next year.
Mr Kentwell said the units are a sound investment for private investors or a self-managed super fund with potential for strong net capital growth and high rental returns. He is building a waiting list of tenants.
“The My Shed Newcastle units are modern, versatile, low-maintenance and secure,” Mr Kentwell said.
“For small businesses or expanding home based businesses looking to separate work and family it can be cheaper to buy than leasing premises plus there are tax savings with depreciation from year one,” he said.
“Warabrook is a convenient, central location that is only 10 minutes from Newcastle, Wallsend or Kooragang Island and 20 minutes to Tomago or East Maitland.”
Mr Kentwell said the units are being sold off the plan and are expected to be completed by mid-2019. He has already had strong interest with 12 units sold.