May Hospitality has emerged as the successful purchaser of the Merewether Surfhouse, paying $27 million for the iconic Newcastle beachfront venue.
Hotelier Ben May, who operates the Burleigh and Terrigal Pavilions, acquired the new property from a consortium of hospitality investors including Automic Group’s Paul Williams and publican Tony Green and his brother-in-law John Tierney.
May said: “My first job in hospitality was working for the vendors, Tony Green and John Tierney, at The Royal in Paddington and then The Greenwood North Sydney. As such I have enormous respect for what they have done over the years. We’re very excited to dive into Newcastle and get to know the locals. It’s similar to Burleigh in so many ways.”
The expansive three-level venue attracted interest from across the country, ranging from some of Australia’s best known hospitality groups, to local high-net-worth investors; with the final sales price exceeding initial expectations.
HTL Property National Director Dan Dragicevich said: “May Hospitality has rewritten the playbook on how to fit out, operate, and enhance the patron experience in venues that offer unreplicable competitive advantages. With a reputation for creating institutions in Manly, Burleigh and more recently Terrigal; they are sure to further enhance the already burgeoning visitation appeal of Newcastle.
“The interest generated during the campaign was exceptional, and entirely commensurate with the rarity of the opportunity and ability to build on the legacy so proudly established by industry stalwarts Tony Green, John Tierney and Mark Swadling.”
HTL Property CEO, Andrew Jolliffe said: “Premium hospitality product is more desirable to investors today than ever before, with its magnetism highlighted by the depth of the non-traditional buyer pool we unearthed; and illustrating the fact that high cash flow landmark venues will always attract and maintain a premium.”