The Burwood Inn will become the latest pub to hit the market on Saturday, following a flurry of hotel sales in Newcastle over the last 12 months.
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Prominent Newcastle businessman Ian Burford and his son Ty are offloading the trendy Merewether watering hole, which they bought in 2009 and have extensively renovated.
Mr Burford was unavailable to speak on the sale, but it is expected the family will be focusing their attention on the nearby Prince of Wales hotel on Morgan Street, which they purchased off the Stevens family in December.
The sale price has been kept confidential but the Herald understands it was in the vicinity of $7.4 million.
If follows a frenzy of selling activity in 2016, with the Mary Ellen Hotel at Merewether, the Duke of Wellington Hotel at New Lambton, the Nags Head Hotel at Adamstown and the Exchange Hotel at Hamilton all changing hands.
The Nags Head Hotel is rumoured to have sold for between $10 and $10.5 million and in November a $1 million renovation of The Exchange was unveiled after it was purchased for $6.6 million by two Sydney businessmen.
Agent Ben McDonald from CBRE Hotels attributed the heat the market was experiencing to an unprecedented level of interest from Sydney hoteliers.
They were turning to regional centres to fatten their portfolios because of limited stock in Sydney, he said.
“I guess the hoteliers in Newcastle are capitalising on the strength of the market, they are choosing to sell now and potentially buy-back at a later date,” he said.
“But the general appeal of Newcastle is also driving demand. The government has allocated a lot of funds to the city and big projects like the the light rail are still being talked about.”
Under the Burford family’s oversight, the Burwood Inn has taken on gastropub status and was awarded the coveted three schooners in the Sydney Morning Herald’s Good Pub Food Guide.
Mr McDonald said because the family had done most of the heavy lifting, the pub would likely be taken over by a buyer seeking a ‘turnkey’ operation.
“They’ve got the trade to an enviable position and it’s a real favourite among the pubs of Merewether. The new owner can turn up on day one and enjoy the work the Burfords have done.”
The sale will be via an expressions of interest process.
