Byron Bay hinterland primarily based David Gyngell and his mate John “Strop” Cornell have continued to develop their Brunswick Heads property portfolio.
It’s targeted across the basic Forties Lodge Brunswick, which the pair have co-owned since 2013.
Over the previous 4 years they’ve spent a mixed $9.4 million on properties surrounding the pub. And their newest $3.4 million purchase, bought quietly off-market final month, sees them take possession of one other industrial constructing. It’s leased to Centrelink who’ve the lease till 2022, with three-year plus renewal choices. Presently paying $175,000 each year, it provides Gyngell and Cornell a pleasant yield of 5 per cent plus.
It’s subsequent door to the duo’s first expansionary buy they purchased for $3 million 4 years in the past.
Final yr they spent $3 million on a mixed-use constructing overlooking Simpsons Creek.
Gyngell spent $5.25 million in 2013 to purchase a half share of the pub which Cornell purchased the freehold in 1990 from Austotel for $2.1 million in 1990.
It’s 5 years in the past this November since Gyngell walked away from being boss of Channel 9.