Last week, Gordon’s WIN Corporation sold the WIN Grand development site in Wollongong to premium development company Level 33 for a record $70 million.

Gordon owns the WIN Television network and is also the largest shareholder of the Nine Entertainment Co, which owns this masthead, through his investment vehicle Birketu.

WIN Corporation chief executive Andrew Lancaster said the Scarborough Hotel had been a strong asset for the company but, WIN’s focus was growing and maintaining the organisation’s media and investment businesses.

“Pubs are not part of our core business, and it is time for a new owner to guide this iconic site into the future,” Lancaster said.

“We are happy to have sold the Scarborough Hotel to Epochal Hotels as we are passing it into safe hands with a proven track record. Epochal Hotels has a strong understanding of pubs and hospitality, and we look forward to seeing what fresh ideas they bring to the hotel.”

Simon Kersten from Colliers Wollongong advised WIN on the deal.

Loading

Meanwhile, Savills Australia and New Zealand has bolstered its presence in the hotel sector with the appointment of ex-Wallaby Drew Mitchell.

Mitchell won 71 caps for the Wallabies and is Australia’s leading try scorer in World Cup history. The 40-year-old played in the Super Rugby competition for the Queensland Reds, Western Force and New South Wales Waratahs and also had a stint with RC Toulon in France.

Nick Lower, national director of hotels at Savills said pubs in NSW have witnessed a recent increase in activity for both sale process and transactions during the first quarter of the year, which is anticipated to continue to increase as the year unfolds.

“Interest rates appear to have stabilised, no doubt providing some comfort to vendors, along with economist predictions that any next interest rate move will likely be downward,” Lower said.

The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.