Another pub sold
YET another Coffs Harbour hotelier is toasting the city's thirst for pub grub and beer with a third watering hole changing hands in less than a week.
In the wake of the sale of the Plantation and Fitzroy hotels, the Greenhouse Tavern has sold for what is believed to have a been an eight figure sum.
Part owner Anthony Haslem, who bought the pub when it was in liguidation in 1996 for just $1.35 million, said he and his two brothers, trading as Haslem Hotels, had sold the Greenhouse and their South Tweed Tavern in a deal worth $29 million.
"We sold it to Australian Leisure Hotels (ALH) which is in business with Woolworths, and they take over on Monday, May 15," Mr Haslem said.
"We've been in negotiations with four or five companies for the past eight or nine months, so it is great to finally announce a sale."
Haslem Hotels still owns the Village Green Hotel in Grafton.
Mr Haslem said it was no coincidence that three of the city's pubs had changed hands within a week.
"Many larger companies such as insurance groups and Coles Myer have been very aggressively pursuing hotels of late. They see this as a good opportunity to get solid returns."
As to what the future might hold for Greenhouse Tavern, Mr Haslem wouldn't be drawn.
"When we bought it 10 years ago it was losing about $15,000 a week net, but it is now a very good business," Mr Haslem said.
"Being in Coffs Harbour the property also has very good prospects for solid capital growth."