Regional Pub Sold After 30 Years of Ownership by HTL Property

HTL Property is delighted to announce the successful off-market sale of the Cambridge Hotel in Parkes, NSW. 

The off-market transaction was exclusively brokered by Ben Kennedy and Xavier Plunkett of HTL Property, and on behalf of the Usher Family, who have owned the Cambridge Hotel since 1994 (circa 30 years). The purchaser is a highly regarded local publican and business owner, who is expanding their current hotel holdings within the Central West region of NSW.

The traditional style Hotel features a public bar, commercial kitchen, expansive beer garden, gaming room operating 12 highly valuable poker machines, 17 pub-style accommodation rooms, a manager’s residence and an ultra-rare 24-hour liquor licence.

“It was an honour to be able represent the Usher Family after 30 years of ownership. Following HTL Property being appointed, a selective off market process was run – identifying key buyers in the marketplace, and which resulted in multiple parties submitting highly competitive bids; and ultimately coming to an agreement 3 weeks after being appointed” noted HTL’s lead agent, Ben Kennedy.

“Parkes, home to some 15,000 residents, has one of the strongest and most diverse regional economies in all regional NSW. Not only does it benefit from a strong perennial agricultural and mining sector, but it also enjoys the unique benefit of being at the crossroads between the Sydney-Perth rail corridor – and the midway point of the $14 billion Melbourne-Brisbane inland rail project. Transport and logistics infrastructure spending and the associated private enterprise and government investment, will continue to provide an enduring economic benefit to the region” offered HTL co-agent Xavier Plunkett.

“The incoming Purchaser is expected to capitalise upon the typical management and operational synergies that apply to an expanding portfolio, as well as unlocking the latent potential from the asset which provides for 12 gaming machines, 24-hour trading licence and a band 3 zoning – buffering it from any future gaming competition, ultimately providing a long-term sustainable competitive advantage as the city and local economy continues to grow” concluded Kennedy.

The sale of The Cambridge Hotel is a significant vote of confidence in the NSW Regional Market. Underlining the fact that the Central West has always been a prosperous region for high-quality regional pubs. 

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