Two local publicans have taken over the Star Hotel at Milton on the NSW South Coast. Photos: HTL Property.
One of the South Coast’s favourite watering holes has sold to new owners for the first time in decades in an “outstanding result”.
Milton’s Star Hotel hit the market earlier this year and attracted multiple formal offers before being sold to local publicans Paul and Vicky Kapetanos, who operate the Sussex Inlet Tavern and Marlin Hotel.
HTL Property Director Blake Edwards said the response showed a strong demand for quality South Coast assets.
“The campaign attracted experienced publicans, private investors and hotel groups from across Australia,” he said.
“Eight formal offers is an outstanding result and reflects continued appetite for tightly held freehold hotels in premium lifestyle markets.
“This sale builds on our recent successes with the Narooma Hotel, Hotel Australasia, Eden and Moruya Waterfront Hotel Motel. Buyers remain drawn to the region’s tourism fundamentals, population growth and limited supply of quality freehold opportunities.”
According to the agents, the hotel has a 923 sq m site, with 33.6 m of high-exposure frontage on the Princes Highway.
The traditional hotel combines bar, bistro, gaming and ancillary income, underpinned by a licence for 15 gaming machines.
Business Milton Ulladulla and South Shoalhaven’s Matt Dell welcomed news the venue was staying in local hands.
He pointed to the two other venues already operated by the Kapetanos’ in the region and said the Star Hotel would join them as being “run by a local family and offering something to locals”.
“It’s staying local and I think that’s really positive,” he told Region.
“[The Kapetanos family] understand the town and what people want because they run that kind of business already … having it go from one family to another is awesome.”
He described the sale as a “changing of the guard” for the beloved coastal venue.
“They’re obviously long-term locals running similar businesses,” he said.
Mr Dell wouldn’t be drawn on reports that industry sources claimed the property could sell for as much as $9 million.
But he said the Star Hotel was something special.
“It’s a unique property on one of the busiest highways in the nation. You can’t build a new Star Hotel – there just isn’t land left on the highway to build one.”
He said the venue was “at the heart” of Milton and had won strong support over the decades from patrons.
“Opportunities like that don’t come up very often,” he said.
“It’s not just a building … there’s a thriving business in there, as well.”
HTL Property’s Ben Kennedy said the sale would bring benefits for both vendors and the local community.
“After more than 40 years, our clients sought a purchaser who understood both the commercial strength of the asset and its place in Milton,” he said.
“The successful buyer’s existing Shoalhaven presence made them an ideal custodian.”
In good news for those keen on stopping by for a feed, Mr Kennedy also confirmed that the hotel’s popular Chinese restaurant was set to stay open under its current ownership.
Original Article published by Claire Sams on Region Canberra.
