Logistics magnate Jay McPhee confirmed he sold the Shoal Bay Country Club Hotel and associated assets for roughly $20 million last month, but said the new owner had declined to have their identity made public.

Developed by the Randal family in the 1950’s, Mr McPhee was only the second owner of the site. 

“I’m sad to part with the property and I wish them all the best,” he said. “I’m very happy with the sale price and the new owner will be there for the long term.” 

The venue currently generates annual revenues in excess of $6.8 million across a bar, bottleshop, two restaurants and a gaming area. 

It is surrounded by the Ramada Resort, which swells with over 1,000 tourists in the warmer months. 

Selling agent Ben McDonald of CBRE Hotels said the new owner was a hotelier from Sydney and hinted there could be redevelopment plans on the horizon. 

“I think the Shoal Bay area is going to be a winner out of this, in terms of what the next chapter is for the pub,” he said. “The new owner is looking forward to investing money into the hotel and the surrounding area.” 

Mr McDonald said the weight of inquiry came from Sydney-based hoteliers, along with some bigger industry groups from the Newcastle area. 

LOVEDALE WEDDING VENUE ON THE MARKET

An iconic Hunter Valley wedding venue built from the ground up by Damian and Sharon Burke has been listed for sale through Tony Cant Real Estate. 

The property at Lovedale includes a 60-seat restaurant, with luxury lake-side couples accommodation, a function centre and a manager’s residence, set among 20 acres of man-made lakes and landscaped grounds.

Agent James Rodrick said the vendor had created the business into what it is today “basically from scratch” over 30 plus years, but was moving on to the next adventure. 

“This was his passion project. It was just a bit of dirt when he purchased it but he had a vision,” he said.  

He said 90 per cent of the inquiry so far had come from Sydney.