Eumundi Group acquires Court House Hotel in Murwillumbah, NSW
Eumundi Group, an Australian hotel and investment property company, has acquired the land and buildings of the Court House Hotel in Murwillumbah on the New South Wales (NSW) far north coast for AUD 6 million.
The acquisition will be carried out via its subsidiary – Eumundi Property Group.
According to Eumundi Group, the acquisition is unconditional after the completion of commercial due diligence.
The two-storeyed Court House Hotel is located centrally in the main street of Murwillumbah. Spread over an area of 898m2, the Court House Hotel in Murwillumbah houses a public bar, beer garden, bistro with alfresco dining, gaming room having 21 gaming machines, and 14 accommodation rooms.
Eumundi Group said that the hotel business will be owned and operated by Michael Dixon, an ex-stakeholder in Dixon Hospitality, as a lessee under the Athena Hospitality Group banner.
Michael Dixon will take a lease from the hotel and investment property company` for an initial term of 15 years with four additional options of 10 years each.
The lease is a triple net lease, with all outgoings and the capital costs and structural repair and maintenance payable by Michael Dixon.
Joe Ganim – chairman of Eumundi Group said: “The Court House Hotel acquisition meets Eumundi’s stated objectives of targeting blue chip assets with substantial capital growth potential, minimal management involvement by Eumundi and solid income backed by tenants of substance and proven capability.
“This strategic acquisition fits the mould perfectly as an ideal complement to Eumundi’s impressive portfolio.”