Father-Son, Andrew and Luke sell their Iconic The Beach Hotel
Andrew Lazarus and his partner and son Luke Lazarus have made significant contributions to Australia’s luxury real estate industry over the last 30 years. Their hard work in Sydney and Newcastle includes extensive renovations of prominent homes that are popular with residents and visitors alike. His community involvement extends to philanthropic efforts, such as charity events held at his hotels.
The Beach Hotel in Newcastle was recently sold by them. According to reports, the popular property sold for around $40 million. Andrew Lazarus only owned The Beach Hotel for a few years, purchasing it from owners Jim Bale and John Twohill in 2019. However, after completing a successful DA application and making a few changes to the business, Lazarus experienced a significant increase in valuation in a short period.
The 1850 sqm Newcastle property, which is used as a multi-level corner pub, sits on the edge of the Pacific Ocean, providing patrons with panoramic views of Mereweather Beach that extend to Bar Beach. It was built in 1939 and has been designated a National Historic Landmark for its charming art-deco architecture and legendary history of attracting patrons from all over the world.
“Having owned this iconic hotel for several years, we now find ourselves at a crossroads, having sought and received a shape-shifting DA that will positively transform the business for the coming 50 years,” Luke Lazarus mentioned in an interview. The Beach Hotel’s high sale price is also due to the region’s expanding pub market. Several other properties in the area have recently sold, including The Carousel Inn, Pub at Rivo, and Vineyard Hotel. According to Andrew, “There are a lot of buyers in this incredibly hot market,”
Lazarus also mentions the growing interest in local pubs and hotels as a result of the growing population in these coastal towns. He also adds that as the global pandemic recedes, people are more willing to spend. The long-standing hotel, known locally as The Beaches, is well-liked by both guests and locals. It’s on Merewether Beach and houses Newcastle’s only beachside pub. There is also a bistro, a gaming room, and three private event spaces on the property. The scenery is spectacular for a two-story property.
Andrew’s path to success hasn’t always been easy—and location may have played a significant role. He learned the hard way with his experience with Exchange Hotel, another of his properties in Sydney. Andrew said recently, “To be honest, I made a mistake with the Exchange Hotel and paid the price, Newcastle is not the same as Sydney, so you cannot use the same strategies. At the Exchange Hotel, we’ve now taken the time to learn about the market.”
Andrew and Luke Lazarus have learned from their mistakes and strive to do better in all of their real estate ventures. These lessons have been applied to their time with The Beaches. The team spent a significant amount of time learning about the property and researching what locals and visitors look for in a beachside hotel. While Andrew and Luke Lazarus have relinquished ownership, they have passed on their detailed renovation plans and lessons learned that they can apply to their other real estate projects.
While Andrew enjoys real estate development and renovation, philanthropy is taking precedence in his life. While Andrew and Luke Lazarus continue to work on numerous real estate projects, giving back to their community has become a higher priority.