Iris Capital's Sam Arnaout buys Newcastle pub, Shaft Tavern
Developer and investor Iris Capital’s Sam Arnaout has snapped up Newcastle’s Shaft Tavern for about $12 million, sources indicate.
The property in the Newcastle suburb of Elermore Vale on NSW’s Central Coast is a large-format tavern on over 6000 square metres of land with 26 gaming entitlements. It also has an approval for a 16-room motel development.
“The Shaft Tavern will perfectly complement our growing stable of businesses and development projects in the Hunter region. We will enact a major renovation of the operations in the New Year and look forward to servicing the locals of Elermore Vale,” Mr Arnaout said.
Mr Arnaout has invested heavily in Newcastle, with his company Iris Capital currently developing a large mixed-use project in Newcastle’s East End.
On top of development, Iris bought the three-pub portfolio from Newcastle owners Campbell and Clare Rogers for $30 million, in an off market deal.
The three pubs, Sydney Junction Hotel, Argenton Hotel and Gunyah Hotel, are the first hospitality assets acquired in Newcastle by Iris Capital.
HTL Property’s Blake Edwards and Dan Dragicevich and Moore & Moore Real Estate’s Deane Moore handled the expressions of interest sale of the Shaft Tavern.
