Historic Ballarat hotel sells for more than $12m
Craig’s Royal Hotel in Ballarat has sold for more than $12 million to pub operator Black Rhino Group.
The sale price marks a record for Ballarat, with sellers John and Mary Finning owning the venue for more than two decades.
The pub now joins Black Rhino’s growing portfolio of regional Victorian venues which includes the Railway Club Hotel in Seymour and the Victoria Hotel in Shepparton.
The group’s portfolio also includes a number of metropolitan Melbourne pubs such as the Richmond Social in Swan Street, the Hampton Park Tavern, the Ivanhoe Hotel, the Royal Oak Hotel in Cheltenham and the Waterloo Cup Hotel in Moonee Ponds.
JLL’s Hotels and Hospitality vice-president Will Connolly said there was a lot of interest in the hotel from potential buyers.
The 1853-built Ballarat property includes 37 rooms, a coffee shop and restaurant and 45 electronic gaming machines.
“Not only does Craig’s Royal offer arguably Victoria’s most elegant boutique accommodation, but it is also a business that provides a foundation of gaming income generated by 45 [gaming machines],” he said.
Sheridan Randall, 12th March 2020
