The Australian Hotel in Cooma has been listed for sale by way of public auction.
The Australian Hotel is a full-format hotel offering featuring public bar, bistro, gaming room and 16 pub-stay accommodation rooms; located just 1 hour from the NSW snow fields.
HTL Property’s Xavier Plunkett, Sam Handy and Blake Edwards have been exclusively appointed to coordinate the sale campaign, and advise that the freehold interest is being offered to market.
Located on an expansive 1,492m2 land holding, the Australian Hotel is strategically positioned in the epicentre of the main retail and commercial precinct of Cooma. The site offers future mixed-use redevelopment potential underpinned by B3 commercial core zoning, and a 15m height approval. Further, the Hotel is strategically located opposite both the Coles-anchored Centennial Plaza shopping centre; and a large council car park with over 100 car spaces.
There sale includes 15 highly valuable gaming machines entitlements attached to the Hotel, with the ability to trade to 2am permitted on the liquor licence. Successful acquisition will provide Purchasers with an instant gaming holding, with 45% of the entire town’s current flight of gaming machines. With an existing population of ~8,000 people and only 3 pubs, there exists patent opportunity for a dedicated gaming-centric hotel.
“The Australian Hotel is well positioned within the Cooma CBD, and possesses the necessary core trading attributes to be the best gaming and wagering operation within Cooma” commented HTL Property’s Director, Blake Edwards.
The campaign directly follows HTL’s recent suite of regional transactions South of Sydney, including three Freehold Going Concern Hotel sales in the Southern highlands; with the Empire and Southern Railway Hotels in Goulburn, and the Sutton Forrest Inn all transacting in three-month period.
“The Regional pub market is currently benefiting from a large volume of unmatched Metropolitan-based capital seeking Regional opportunities underpinned by quality property holdings and substantial gaming licence holdings” commented HTL Property Director, Sam Handy.
“The Hotel will be a direct beneficiary of the enormous infrastructure spend, and the subsequent increase in new employment expected in the area as a result of the Federal Government’s 10-year, $7 Billion, Snowy 2.0 expansion” added HTL Property’s Xavier Plunkett.
“Increased overall patronage would be expected, and a consistent requirement for additional worker’s accommodation would also have a flow on effect to other revenue departments within the business” concluded Plunkett.
Cooma is traditionally regarded as having strong accommodation and tourism credentials, being the gateway town to the Snowy Mountains. However, more recently, the town also boasts improving Macro investment fundamentals indexed to the strong blue collar and skilled employment growth indexed to the future infrastructure spending with Snowy 2.0.
The Australian Hotel is being offered via Public Auction on Thursday March 5th at Cooley Auctions (CBD) located level 5, 1 Margaret Street, Sydney at 10.30am.
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