HTL Property is delighted to announce to the market the sale of the Freehold Going Concern Interest in the Railway Hotel Armidale.
The Sale of the Hotel was managed exclusively by HTL Property’s Xavier Plunkett; via an off-market sale process and at a price of circa $8m.
The Railway Hotel offering comprised a very large 3,800sqm commercial property allotment, with dual street frontages and 30 car parks on title.
The full-format pub features a drive through bottle shop, bistro, public bar, beer garden, gaming room and DA approval for a 16-room motel all strategically located in immediate proximity to the Armidale Hospital.
HTL Property was exclusively mandated to sell both the Freehold Interest for Brett Groundwater, and the Leasehold Interest for Charlie Redmond of Hospitality Dynamics; both in an off-market process.
“The sale process was a prompt and targeted off-market program that benefited enormously from HTL’s deep buyer relationships in the area” commented HTL Property’s Xavier Plunkett.
“We are delighted for both sets of Vendors and look forward to their next endeavours” Plunkett added. The successful Purchaser is a private owner who has requested confidentiality regarding the sale.
“Outside the highly desirable yields on offer in regional areas, increased regional migration, regional infrastructure spending, a quick turnaround post CV-19 lockdown measures; and a robust agriculture-led rural economy, are all major drivers of the positive sentiment orbiting the regional hotel space” Plunkett concluded.
“HTL Property was engaged following an unprecedented run of sales within the Wider New England Region, having now sold 15 Freehold Hotels totalling over $70 million in the past 18 months” concluded Plunkett.
The sale of the Railway Hotel represents the third major Armidale Freehold Going Concern transacted by HTL Property in 2021; and which has included the Royal Hotel to DB Pubs, and The White Bull Hotel to Jim Knox.
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