Known far and wide as “the Elly” by locals, Mr Singleton paid a rumored $25M for the hotel and surrounding properties and land.
It is seen as a shrewd investment by real estate agents because of its potential for future development.
However Mr Singleton is an enthusiastic buyer of hotels and he reckons it is a great place for a beer and a good feed.
“The Elly, what a great pub!” he told Access this week.
“When I found out it was available I jumped because you don’t get opportunities like this every day. It’s one of the best on the coast and caters for everyone. The food is excellent and the beer always cold.
“Long time owner Damien Cusick has done an excellent job running it all these years and I am so glad he is staying with us.”
“It’s a great traditional family pub where everyone feels welcomed.”
Mr Singleton bought the large venue in Victoria St (Central Coast Highway) from the family of the late Gosford Race Club chairman Malcolm Cusick, which has owned it for more than 50 years.
Set on almost 8000 sq m, the corner site has three street frontages and was operated by Mr Cusick’s son and long-time licensee, Mr Damien Cusick. It includes a brasserie and grill, drive-in bottle shop and motel.
The Elanora Hotel was owned and operated by the Cusick family for more than 50 years.
The purchase of “the Elly” adds to Mr Singleton's growing property development and investment activities on the Central Coast through his Bonython Group, which he has been actively promoting as a region deserving of fresh hospitality venues.
“There’s nowhere to eat and stay on the Central Coast," Mr Singleton told media recently after hosting Meriton boss Harry Triguboff and Lendlease chief executive Steve McCann.
Mr Singleton has a keen eye for a good hotel in the right spot. Eight years ago he established the Australian Pub Fund with former Qantas boss Geoff Dixon and investment banker Mark Carnegie, and grew this to a $300M portfolio before divesting most of the assets as pub values began to soar.
