The record setting sale of the large format Thomas Blamey Tavern in the NSW regional centre of Wagga Wagga has sold to a consortium led by Lee Green from the South Dubbo Tavern.
The off-market transaction has set a new record price for a regional hotel in NSW, was managed by HTL Property Director Blake Edwards, and is the specialist firm’s 6th freehold pub sale in almost as many weeks this year.
“Sales of this magnitude in leading regional centres are becoming increasingly frequent, and are representative of a market place that still enjoys prosperous consolidation opportunities” advised Edwards.
The large format hotel adorns a 6,110sqm site, comprising multiple revenue streams and significant car parking facilities.
“Much like our recent sale of Albury’s Northside Hotel to Chris Cornforth’s Harvest Hotels on behalf of the Burke family, we often field discreet requests from our clients to secure for them strategically identified properties; and that was the case with the transaction we curated on behalf of both the buyer and seller entities regarding the Thomas Blamey” added Edwards.
The sale follows HTL Property’s four successful Wagga Wagga hotels sales in 2021 which included the Sportmans, Riverina, Romano’s and Duke of Kent Hotels; and points to the continued strength of the sector nationally.
“With a record 100 NSW hotels changing hands last year, and the average loan to valuation ratio (LVR) at 46% across the asset class, the sector is performing at a transaction volume premium to the same period during CYQ1 last year” concluded HTL Property, Managing Director, Andrew Jolliffe.
Leading brokerage firm HTL Property is in the process of selling the following on-market hotels:
Commonwealth Hotel – Newcastle NSW
The Beach Hotel – Newcastle NSW
Rose and Crown Hotel – Parramatta NSW
Corrimal Hotel – Corrimal NSW
Oonoonba Hotel – Townsville QLD
Beachfront Hotel – Darwin NT
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