Large Format Wollongong Hotel Sells Off Market

Leading Agent and Asia Pacific Director Andrew Jolliffe of Ray White Hotels Australia has sold another Wollongong area freehold hotel asset in the form of the Unanderra Hotel. Owned by the well-known Young family for some decades, the large format hotel situated opposite the West Leagues Club is spread across a 3736.8 sqm commercial property holding.

Following the sale of Wollongong CBD's Dicey Riley's Hotel, exclusive agent Jolliffe advised that the established suburb of Unanderra has only one hotel, and as such the well-known watering hole has served as the meeting place for generations of locals and visitors to the area.

"Unanderra is strong suburb, and the multi-level hotel has been a consequently strong profit generator for many years" Jolliffe added.

Having previously sold Wollongong area freehold hotels including the eponymous North Wollongong Hotel, The Albion Park, Balgownie, Shell Harbour Steelworks and Charles Hotel at Fairy Meadow, Jolliffe is well placed to offer a view as to the strength of the Wollongong market. "Wollongong and its surrounding areas is enjoying somewhat of a resurgence of investor popularity, and substantive works by local government and the private sector in and around Wollongong's CBD is a strong reason for this renewed level of confidence.'

"Both our clients, and the off market purchaser, are well known local business people; and our job was to facilitate an efficient deal which met both party's objectives" Jolliffe said.

Approved residential land developments around West Dapto underpin the population growth profile for the area, and strong University enrolments at highly regarded leading educational facility Wollongong University ensure a vibrant age demographic for the local business community.

"We have other regional centre hotel assets under agreement currently, and will make announcements about these in due course." "Suffice to say, astute investors have recognised the downstream value proposition offered by properties such as the Unanderra Hotel, and the RBA's recent and historically unparalleled rate cut serves only to further stimulate this level of investor interest" commented Asia Pacific Director Jolliffe.