$40M sale: After 16 years, Lennox pub has new owners
A lot has changed at the Lennox Hotel over the past 16 years.
In 2005, local brothers Greg and Clyde Campbell bought the pub from developer Chris Condon for $14 million.
They set about turning it into the iconic beachside pub it is today.
The front of the pub was opened up to take in the stunning views of Seven Mile Beach.
There have been extensive renovations, including the upstairs area, which is now home to the renowned Beef + Beach restaurant.
And now the hotel has new owners.
The Campbells recently sold the Lennox Hotel for an "undisclosed sum" to the Fraser Short and Stu Laundy hospitality consortium, as part of an off-market sale negotiated by Andrew Jolliffe, managing director at HTL Property.
It is understood to have exchanged hands for around $40 million.
The Campbells said they were "privileged to have owned such an iconic hotel".
"The decision to sell was not one that our families made lightly but we are excited about the opportunities this presents for our team and the community," they said in a statement.
"We welcome the Short and Laundy families to Lennox and look forward to remaining involved in the community through our other businesses."
The Campbells' Lennox Head Property Trust has other commercial ventures in the seaside village, including the IGA.
Mr Jolliffe said he expected it to be "business as usual" at the Lennox Hotel under the new ownership.
"The Campbells did a great job with the pub, it is an iconic pub," he said.
"Pubs like this are really few and far between.
"I think they enjoyed their association with the Frasers and Laundys and took comfort in the fact that they have local connections.
"We feel most fortunate to be entrusted to negotiate the sale of a number of unmistakable Australian hospitality paragons such as The Lennox, and each time we do we are reminded of just how fundamentally inimitable these very valuable assets truly are.
"Stu and Fraser understand the infrequency of rare opportunity; and when presented by the chance to own a generational asset such as this one, mobilised with blinding efficiency."
Mr Short said Lennox Head was a "world class destination".
"The Lennox presented itself as an unmissable asset so we joined together with our long term partners the Laundy family to ensure we can deliver back to the community a gathering place that represents their lifestyle and one they can be proud of being associated with," he said.
In August last year, Mr Fraser and Mr Laundy also confirmed they had bought The Farm at Byron Bay for $16 million.