Sydney publican Colin Peter Parras bought one of Ballina’s best-known hospitality spots, the Shaws Bay Hotel & Fenwick House for around $ 31 million from longtime owners of the Hayter family.
The sale of the scenic and historic waterfront location in East Ballina extends a string of great pubs and hotels sold in the Grand Byron Bay area this year to wealthy shoppers in the city after the Rich List Laundy family purchased the Lennox hotel for over $ 40 million. , Justin Hemmes’ group Merivale bought Cheeky Monkey’s backpacker bar for around $ 13 million and big business names Scott Didier and Scott Emery bought the Great Northern Hotel for almost $ 80 million.
“The Shawsy,” as the locals call it, stands on a 6,500 square meter site that stretches down to the beach at 3 Brighton Street and is about a 30-minute drive from Byron Bay, arguably the hottest real estate market in the country.
Owned for over 30 years by Neville Hayter and his sisters Debbie and Vicky, the property includes the Shaws Bay Hotel with a public bar, restaurant, games room with 14 machines and beer garden as well as a mansion period Fenwick House, dating from 1886, and considered one of the best examples of opulent Italian Victorian architecture in the area.
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The new owner Parras Hospitality is Colin Peter Parras’ investment vehicle.
Mr Parras and publican Andrew Lazarus own the El Toro Hotel in Warwick Farm, which they bought from the previously listed Lantern Hotels Group in 2015 for $ 24 million.
Mr Parras is not to be confused with another prominent Sydney publicist, Colin M. Parras, who owns places like Paddington’s famous Four in Hand.
The sale of the Shaws Bay Hotel & Fenwick House was negotiated by John Musca, Ben McDonald and Kate MacDonald of JLL.
It was sold less than a month after its IPO, against a backdrop of investment in the pub sector by hoteliers and investors.
“Under the new trusteeship, the assets are ready for a fully integrated renovation and rebirth proposal that will see the evolution of an exciting hospitality area offering, commensurate with their spectacular location,” said Mr. Musca .
Fenwick House, he said, was suitable for a number of value-added operating opportunities, including as a boutique hotel, coworking or commercial office or reception center, subject to the necessary approvals. advice.
Mr Musca said JLL sold more than $ 250 million in hotels and pubs on the North Coast during the last real estate boom to hit the region.
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