Capital Gain
One day, at the height of Australia’s gold rush, some miners and a publican were playing a high stakes game of cards, so the story goes. The pub’s owner, William McIlveen, bet his hotel on a hand and lost to a gentleman called John Schofield.
That pub, the Peel Inn Hotel, in the regional town of Nundle near Tamworth, is now being sold by Schofield’s descendants for the first time in 165 years.
The Peel Inn was built by William McIlveen in 1860 around the height of the gold rush. At the time, the pub was flush with fossickers arriving to prospect for the precious nuggets being found at nearby Hanging Rock in the New England region of New South Wales.
Between hunting for gold, the miners played cards. After McIlveen bet the pub, and lost, it’s said he packed up his family the next day and left.
Schofield took over the reins and ran the pub for decades, passing it on through the family, before it eventually came to his great-grandson Robert who then passed it on to his own children. It’s been held by the family since that fateful card game.
Now, Robert’s children are selling to take advantage of rising investor demand for regional pubs. Robert is retiring after pulling beers for more than 60 years.
Savills agents Michael Broome, Drew Mitchell and Hugo Weston did not reveal a selling price, but similar pubs fetched between $5 million to $6 million. The hotel made $2.78 million in revenue in 2026.
The venue, at 89 Jenkins Street which is also known as Fossickers Way, is 2128 square metres in size with 12 guest rooms, a public bar, bistro, commercial kitchen, beer garden and gaming machines.
Broome, the lead agent, said demand for regional pubs is strong and the Peel, the only pub in the picturesque town, has high year-round patronage.
Burger bunfight
After much local angst, fast food giant McDonald’s has been given the green light to start building its Golden Arches at Crows Nest in Sydney’s North.
The new fast food outlet will be run by licensee Bernard Kelly, whose McDonald’s journey began nearly 30 years ago as a crew member. The venue will cost $1.35 million and open later this year.
Under the original plans, a 24-hour restaurant was proposed on the site of the former Westpac bank branch, once owned by former Australian cricketer Steve Waugh, at 31 Willoughby Road. That raised locals’ heckles worried about the noise, traffic issues and “anti-social behaviour”.
Macca’s went back to the drawing board and its revised plans were approved by the North Sydney Council under a “complying development certificate pathway”.
Now the business will open from 7am to 10pm Monday to Saturday, and 7am to 8pm on Sundays and public holidays. McDonald’s estimates it will add about $5 million to the local area and create jobs during construction and for future employees.
The fast food giant faces many battles opening new outlets. In July 1998, a small outlet in Newtown was closed after locals boycotted the business.
Fine food
A 35,000 square metre Newcastle manufacturing and retail site, once known as Oak Hexham, has changed hands to a joint venture between Arla Foods and Australian family‑owned Mayers Fine Food.
The Oak at Hexham was a landmark for Australian families who, when travelling by car along the Pacific Highway through Newcastle, would often stock up on its famous OAK milkshakes and food for their trip.
The factory, which employs 65 people, was sold by cottage cheese producer Brancourts to the Arla joint venture for $20 million. The JV will expand the factory to support its local production. Arla’s brands include Lurpak butter and Castello cheese.
Suburban office
A seven-storey office tower in Greenwich is for sale for around $35 million.
Two private families are selling the 118-120 Pacific Highway 1792 square metre building with seven levels and 151 car spaces. The property is adjacent to the Royal North Shore Hospital and about 600 metres from the St Leonards Train and Bus Interchange.
Its sale comes as suburban office markets are showing signs of life after a slow few years. Colliers said at least $140 million worth of commercial property has sold recently along the Pacific Highway strip, including 154 Pacific Highway, 130-134 Pacific Highway, 126 Pacific Highway and 205 Pacific Highway. The sale is being handled by agents Tom Appleby, Tyler Talbot, Linus Lifson.
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