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Press Release

Parkview Hotel Gunnedah Sold by HTL Property

Xavier Plunkett and Blake Edwards of HTL Property are pleased to announce the off-market sale of the Parkview Hotel, Gunnedah.

The Vendor for the Freehold hotel asset is a private family office, who hold a stable of Hotel investments in both the NSW regional and Metropolitan Sydney hotel markets.

The Purchaser is an established Hotelier who holds hotel interests the Hunter Region.

The prominent brick building features a public bar, bistro, commercial kitchen, gaming room and 40 pub-stay accommodation beds. The asset is situated on 1,012sqm* of prime land located on the Main Street of Gunnedah.

The hotel shares the corner of Conadilly and Chandos Street with a total frontage of 63.9m.

The Parkview Hotel is positioned within the Gunnedah Central Business District and is strategically adjacent the large Woolworths supermarket, sharing a carpark with circa 170 parking spaces.

“The price achieved was in line with our Vendor’s expectations, and is representative of the underlying asset value of the gaming machine entitlements, the land, and the quality brick building as distinct from a yield-based valuation metric” suggested HTL Property’s Xavier Plunkett.

“The successful Purchaser was attracted to a combination of the passive rental income; the underlying asset value of the land and poker machine holdings; the ‘high street’ locality, and geographical proximity to key commercial assets in Gunnedah” advised HTL Property’s Blake Edwards.

“In addition, the positive economic sentiment in the region on the back of the $15bn Inland rail, the $3.6bn Pilliga Gas project and a booming agricultural sector also added considerable magnetism” offered Edwards.

“Other significant recent sales, all conducted by HTL Property within the New England region, have included the Whitebull Hotel in Armidale for circa $13.5m; the Imperial Hotel in Inverell for $5m, and the sale of all five pubs in the town of Moree for circa $28m” concluded Plunkett.

End.

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