Woodport Inn sold at auction

Hotel broker and publican Les Williams has bought the Woodport Inn at Erina at auction for $6.85 million on a reported yield of almost 12%.

The Woodport Inn was part of a group of six hotels that operated under the Community Entertainment Assets ownership.

It was bought for around $12 million at the peak of the market in 2006 from the Noble Family who developed it.

CES were placed in receivership some two years ago, and the hotels have since been run by the bank appointed receivers.

Agent Mike Wheatley of Knight Frank said that bidding was strong with five interested parties bidding. “We were very happy with the result,” he said.