Byron's Beach Hotel on the market with $100m-plus price tag

In a statement, selling agents JLL said IIG had decided to sell after fielding “a number of unsolicited approaches” for the asset.

The operating rights for the hotel are also up for grabs as hospitality figures John and Lisa Van Haandel end their 12-year stint managing the pub.

Expectations for the sale of the pub and operating rights were above $100 million, JLL’s statement said.

The sale comes at a time of strong activity in the pub sector. In Sydney, more than $200 million of properties changed hands in the first week of July.

Many operators are focused on offering better food, some even employing “signature” chefs as they move away from relying on counter meals and poker machines for revenue.

JLL national director John Musca, who is selling The Beach with support from JLL boutique accommodation specialist Tom Gibson and Queensland vice-president Tom Gleeson, said this was only the second time that the rights to run the pub had been up for grabs.

“This is a magical asset like no other nationally or around the world, offering irreplaceable, uniquely Australian licensing and trading approvals, sought-after operating scale and an aspirational lifestyle location that you can safely say can never ever be replicated,” Mr Musca said.

Mr Musca played up the region’s celebrity cache noting famous local residents include actors Chris Hemsworth and Margot Robbie.

“Whether you’ve made your millions in mining, software, property or another asset class, there simply cannot be a better way to create a legacy, have a place for your family and friends and make a generational imprint, than by owning the Beach Hotel,” he said.

The pub’s general manager, Elke van Haandel, said potential buyers or operators could expect a seamless transition.

“We’re local, we love Byron Bay, we support the community and we’re excited to bring our vision for the evolution of the Beachie to new owners, with so much scope for business growth,” Ms van Haandel said.