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Peter Mattick & family of his late business partner Phil Salter have cashed in on strong demand for pubs in coastal hotspots after selling the Port Macquarie Hotel for $57 million to a NSW hotelier.

Source : PortMac.News | Citizen :

Source : PortMac.News | Citizen | News Story:

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Port Macquarie : Port hotel sells for a record $57m
Peter Mattick & family of his late business partner Phil Salter have cashed in on strong demand for pubs in coastal hotspots after selling the Port Macquarie Hotel for $57 million to a NSW hotelier.

News Story Summary:

The price is a record for a pub on NSW’s north coast and reflects a more than doubling of values since the co-founders of direct marketing and communications company Salmat snapped up the freehold to the art deco venue in December 2010 for $15.8 million from then-listed Redcape Property Group.

Four years later, their Taphouse Group acquired the leasehold to the Port Macquarie Hotel from the Redcape Hotel Group to take full ownership of the property and business.

The record price paid for Port Macquarie’s oldest standing pub follows commercial and residential real estate values in the town surging during the pandemic as people escaped the big cities for coastal and regional hubs.

Its booming population and the influx of new wealth has attracted the likes of Sydney pub barons the Laundy family, who in March paid about $25 million for the Mercure Centro, just a short walk from the Port Macquarie Hotel.

These boom times also provided the perfect opportunity for Taphouse Group to offload about $100 million of prime commercial real estate in Port Macquarie.

Alongside the Port Macquarie Hotel, Taphouse Group is also selling the Tacking Point Tavern near Lighthouse Beach.

Both pubs, which bring in annual revenue of $25 million, were listed for sale in April.

Standing since 1939 on a large 2878sq m site at 8 Horton Street in the centre of Port Macquarie, the two-storey Port Macquarie Hotel includes gaming machines, a drive-through bottle shop, a restaurant and 16 accommodation rooms.

Both Taphouse Group pubs were marketed by HTL Property. Selling agent Sam Handy declined to identify the buyer.

“Interest in our public expressions of interest process last month drew activity from a national investor landscape, and highlighted the magnetism of multi-revenue faceted hotels in key geographical centres along Australia’s east coast,” Mr Handy said.

Mr Mattick and Mr Salter co-founded Salmat in 1979 and listed it in 2002. They both made it onto the BRW Rich List, last appearing in 2010 with a combined wealth of $421 million.

After stepping back from the day-to-day running of Salmat (which delisted in 2020), they invested in pubs including the Coolangatta Sands Hotel (sold in 2019 for $15 million).

Mr Salter passed away in November 2015, aged 64. His son Andrew has since taken over managing the family’s interests in pubs, including as a director of Matsal Investments.

Video | Go a few bob left over from the Lotto win ? Good news - the Taphouse Group is also selling the Tacking Point Tavern.

Story By | Larry Schlesinger


This News Story's Author : Staff-Editor-02

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