Record Riverina Sale Closes Financial Year in Style

Following recent sales of nearby Wagga Wagga hotels the Sportmans and Duke of Kent respectively; leading national agency HTL Property has announced the sale of the nearby Springdale Heights Tavern in Albury to the same purchasing consortium.

Negotiated by HTL Property Director Blake Edwards, the sprawling 12,000sqm Riverina hotel has been deftly snapped up in an off market fashion for $22m by an amalgam of leading pub operating families including the O’Hara, Laundy and Cruikshank families.

“After 25 years of ownership our valued client, Graeme Bosse, engaged us to run a ‘by invitation’ sale process for the hotel; and given the shape and depth of recent interest garnered, we were confident of exceeding the previous record for the region” advised HTL Property Director, Blake Edwards.

“Albury, like Wagga Wagga and other similar regional centres, enjoys critical population mass; as well as diversified economic inputs from a range of agribusiness and other commercial industry activities” Edwards added.

The record sale of the Springdale Heights Tavern maintains HTL Property’s one hotel asset sale per week average for the year; as well as ensuring the boutique agency enjoyed majority market share for both NSW and nationally in FY21.

The record sale also highlights the high level of investor interest in the broader hotel industry, including regional areas; which have enjoyed an increased prominence over the past 12 months and regarding which HTL is expected to announce further sales in the near future.

“What we know about this space from an investment perspective is that it is as indefatigable as it is magnetic” advised HTL Property Managing Director, Andrew Jolliffe.

“Lenders need little encouragement to take material positions in the asset class because of the high grade and historical operational experience that dominates the sector, as well as the distinct lack of trade debtors that occupy the typical balance sheet” Jolliffe indicated.

“As a pure free market business model, it’s as close to perfect as you will find; and is therefore the reason why even during whole market turbulence, this sector will bounce early and bounce hard” added Jolliffe.

“Without seeking oversimplification, it’s as close to a consignment based, property backed, high barriers to competitive entry model as there can conceivably be” Jolliffe concluded.

Following the recent $23m sale of the Moonee Beach Hotel on the NSW North Coast to Martin Short and Co, HTL Property is also exclusively engaged to sell the NSW South Coast’s Cooee Hotel and Brisbane’s Beachmere Tavern

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