LAMBTON'S The Mark Hotel is set for auction this month, with Colliers listing agent Peter Dodds looking for offers over $3 million.
The pub, on the corner of Morehead and Dickson streets, was listed for sale with Colliers Newcastle in July last year however, it was taken off the market.
The hotel's sale does not include poker machines.
The Mark Hotel offers a two-level freehold opportunity including 14 executive rooms operating as The Mark Studios which are separately leased until June 2024 plus two further six years options.
The passing income is $129,588 per annum plus 40 per cent of the property outgoings.
The ground floor comprises bar areas, a full kitchen and a restaurant dining area, along with associated amenities.
Colliers listing agent Peter Dodds said the sale offers the opportunity to operate the bar and restaurant while collecting the income from the lease of the 14 executive rooms.
"The real opportunity is to collect the income from upstairs and be able to operate downstairs," Mr Dodds said.
"There are very few opportunities to purchase hotels with the ability to operate as well as collect income from the accommodation component which is operated under a third party lease."
The Lambton pub's history dates back to 1874 when it was known as the Marquis Of Lorne.
The two-storey brick structure that currently occupies the site was built in the mid-1900s.
The property underwent a major renovation in 2007 and reopened as The Mark Hotel in 2008.
Mr Dodds said the owners, who bought the venue in 2018, are a local couple that has decided to sell in order to move on.
It is the second time the pub has been on the market in five years. It was most recently listed with price expectations of around $4 million in July last year.
The property will go to auction at 10.30am on March 30 at Colliers Newcastle office.
