Prominent NSW hotelier purchases Central Coast hotel

Sydney, 09 August 2013 - Prominent NSW hotelier Phil Bernie has acquired the Settlers Tavern in Gosford for AU$2.41 million.

Located at 57 Central Coast Highway, the two level hotel features two bars, indoor and outdoor gaming areas, a TAB, commercial kitchen and bistro, as well as office and storage space.

CBRE, in conjunction with Manenti Quinland & Associates, sold the 5,021sqm property via auction on behalf of the vendor – former head of the Australian Hotels Association Bob Bourne – who has owned and operated the hotel for more than 30 years.

The hotel is part of the Settlers Complex, which includes a service station, Hungry Jacks, Red Rooster, proposed convenience store and extensive on-site parking.

CBRE’s Daniel Dragicevich said the sale represented increased activity in the NSW pub market.

“The current low interest rate environment continues to make hotel investment more attractive, with this sale just one in a string of recent pub transactions across NSW,” Mr Dragicevich said.

The purchase of Settlers Tavern adds to Mr Bernie’s extensive hotel portfolio, which includes the Swansea Hotel and Mayfield Hotel in Newcastle.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue).  The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at About CBRE Group,Inc.