Casino Sale eclipses $100m worth of Northern Rivers Sales for HTL Property

HTL Property agents Blake Edwards and Xavier Plunkett are delighted to announce to the market the successful sale of Freehold Going Concern Interest in the Tattersalls Hotel, Casino; bringing the recent total of Northern Rivers pub transactions for the boutique agency to in excess of $100 million.

The circa $9m deal included both the large format Tattersalls Hotel, plus an additional 8 gaming entitlements from a separate hotel owned by the same Vendor group.

The prominently located Tattersalls Hotel incorporates a public bar, bistro, commercial kitchen, 20 pub-style accommodation rooms, popular function space and designated gaming room with 14 gaming entitlements insitu.

“The Tattersalls Hotel offering displays many desirable trading characteristics sought after by the most experienced and successful publicans; including a prime 1,944m2 CBD land allotment, with high levels of pedestrian traffic, ample car parking on title and a profitable mix of trade with over 80% of revenue generation
coming from high-margin gaming and bar sales” advised HTL Property Director, Blake Edwards.

“This is undoubtedly a significant upside play for the incoming purchaser, who assessed value in the strong gaming holdings, demographic and macroeconomic drivers including a favourable pubs per capita ratio in the town” added Edwards.

The Vendor is local publican Craig Lusby, who is looking to retire after almost 10 years at the helm and citing favourable market conditions and personal reasons for the divestment.

The incoming Purchaser is experienced and highly regarded publican, Ned Kelly, who has himself quietly been increasing his regional hotel portfolio with an enviable stable of 7 regional hotels including Kelly’s Irish pub in Mudgee, the Criterion Hotel in Weston, and the Old Bar Tavern on the State’s Mid North Coast.

“In addition to being the highest performing gaming venue in the entire Richmond Valley LGA, the offering presents significant operational upside across all revenue departments” commented HTL Property’s Xavier Plunkett.

“Additionally, there exists patent benefit in amalgamating the gaming entitlements from the closest proximate venue; combined with the band 3 Zoning which largely inhibits any further gaming competition in the future” Plunkett added.

“The welcomed sale of this Casino flagship hotel ticks over the $100 million mark in the region for the HTL agency’s recent Northern Rivers sales and illustrates the firm’s time and human capital investment in a part of NSW we see continued growth opportunities playing out” concluded HTL Property’s National Pubs Director,
Dan Dragicevich.

Other HTL Property sales in the region have included – The Lennox Head Hotel (Lennox Heads); The Good Intent Hotel (South Grafton); The Coolangatta Sands Hotel (Coolangatta); The Ivory Tavern (Tweed Heads), The Australian Hotel (Ballina), and the Grafton Hotel (Grafton).

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