The Laundy family have purchased the Bayview Hotel on the Brisbane Waters harbourfront in bustling Woy Woy. The off-market sale was negotiated at a new record price point for the Central Coast.
The multilevel hotel was sold exclusively through leading agents Dan Dragicevich and Andrew Jolliffe of boutique firm HTL Property.
“After a number of decades of fond ownership with my partners, myself and my wife Kerry along with our family, are delighted to hand the reins over to such experienced hoteliers” said vendor Gary Narvo. “We all look forward to the Laundys taking the hotel into the next chapter of its life.”
Dragicevich added: “We’ve been blessed with the engagement to sell some absolutely thumping Central Coast businesses over the years, but this hugely popular property is one deserving of the region’s top mantle in terms of price achieved.
“Also, the price point and resultant yield is one typically reserved for Sydney metro hotels, however the intrinsic fundamentals of both the hotel and region now warrant comparable realizations.”
The purchase of the Bayview Hotel by the Laundy family follows its recent purchases of Redfern’s Woolpack Hotel and the Rydges Hotel in Bankstown.
“We are very respectful of Gary and his partners who have owned the hotel for 20 years; and look forward to actioning some key revenue levers we have identified at the hotel,” said Stu Laundy.
“My father and I enjoy a number of very successful joint venture partnerships around NSW, and anticipate another one forming here with a very strong South Sydney Rabbitohs theme taking shape. But more about that in due course.”
The sale of the Bayview Hotel follows HTL Property’s national record setting sale of Sydney’s Vineyard Hotel earlier this month, and continues the strong momentum experienced by the asset class.
“This sale is emblematic of an established hotel family office transacting deliberately upon an asset with robust trading and market share history, and should serve as a reliable North star for all stakeholders who are a party to the sector” concluded Jolliffe.