John Cornell and David Gyngell buy another slice of Brunswick Heads
David Gyngell and his mate John Cornell have expanded their property holdings in the northern NSW town of Brunswick Heads, buying the site across the lane from their pub, the Hotel Brunswick, for $3 million.
Gyngell, the former head of Channel 9, and Cornell, the film producer and businessman, snapped up the 1011-square-metre site with four apartments the day after it was listed.
The Brunswick Heads property purchased by John Cornell and David Gyngell. Photo: Supplied
Agent Dave Siwicki of Siwicki Real Estate confirmed that the pair had purchased the site following an approach from him, and speculated that they might use it to build accommodation for the hotel.
“It was a very quick sale, with that property. I was always going to approach those guys anyway, being behind the pub the site was always something they were going to be interested in. I listed on Thursday, sold on the Friday,” he said.
Mr Siwicki said that the pair plan to transform the site into accommodation associated with the hotel, but could not confirm whether that would involve renovating or demolishing the existing properties.
Gyngell bought into the Hotel Brunswick in 2013, paying $5.25 million for a 50 per cent stake.
David Gyngell and wife Leila McKinnon. Photo: Brendon Thorne
Cornell and his wife Delvene have owned the pub for more than 25 years, reportedly paying $2.1 million for it in 1990.
Their recent purchase, at 5 Fingal Street, currently consists of three two-bedroom flats and one one-bedroom flat, built as holiday accommodation in the 1950s but leased on a permanent basis in recent years.
Mr Cornell would not comment on the plans for the site, but said in a statement that it ”provides an opportunity for us to continue to contribute to our community”.
