Another Wagga Wagga Pub Sold by HTL Property

HTL Property’s success in Regional Australia continues with the leading brokerage firm’s sale of the Duke of Kent Hotel, the third Wagga Wagga pub sale announcement in as many weeks.

The freehold interest sale in the Duke of Kent is subject to a long term lease to local operator Ward Gaiter. HTL Property director and exclusive agent, Blake Edwards, brokered the sale in an off-market capacity for passive investor Bruce Whyte.

The asset has been purchased by the same syndicate that recently purchased the Sportsmens Hotel, and already owns the Turvey Tavern. The syndicate is led by Sam Cruikshank and includes local pub identity Sean O’Hara.

“We like pubs and we like Wagga Wagga, so we asked Blake to approach the Vendors and broker a deal” commented purchaser Sam Cruikshank.

“We paid more than we wanted to, but in the long run it will be a great investment” Cruikshank confirmed.

“With all the transactional activity that has occurred post CV-19, there are not many entry level pubs still for sale. Hence strategic and deliberate buyers are putting their hands on any available stock” advised HTL Property Director, Blake Edwards.

Having announced the sale of 15 hotels already in 2021, HTL Property maintains its market guidance regarding a deepening of market depth and appetite from a range of equity sources in regular discussion with the boutique firm.

“We are close to closing multiple other regional and coastal transactions, and details regarding which we hope to disclose to the market in the coming weeks” Edwards concluded.

End.