Majestic Queanbeyan hotel for sale first time in a decade
HTL Property is delighted to announce the proposed sale of the Tourist Hotel in Queanbeyan; the first time a pub in Queanbeyan has been formally offered for sale in almost a decade.
The impressive and well known asset is being sold via an on-market Expression of Interest campaign closing at 12pm on March 4 2021 - with a price expectation in excess of $9m.
The majestic freehold going concern hotel features a bar, bistro, beer garden, outdoor gaming room, 18 first floor accommodation rooms and Manager's unit. Situated on a 1,928m2 block of land with a pedestrian thoroughfare running adjacent the pub and which feeds directly into a large council car park with over 200 spaces.
Also included in the sale are 16 very valuable gaming entitlements and the 3am liquor licence (Monday to Saturday).
Queanbeyan is a particularly desirable pub locality due to its large population, and comparatively low number of gaming pubs. A statistic particularly pronounced when including the population statistics for the nation's capital city Canberra, which is home to over 370,000 people and due to State legislation has no pubs operating gaming machines. In addition to the favourable pubs per capita ratio, the Canberra - Queanbeyan statistical area has one of the highest incomes per capita in the country due to the large component of government sector employment. In the September 2020 NSW State Based Gaming Rankings, all of Queanbeyan's 5 pubs were ranked in the top 500 places.
The Vendor, a well-regarded local family, has owned the hotel since 2009 and is selling in order to focus on operating its South Coast business.
"Queanbeyan is a patently high performing gaming area and the pubs are commensurately tightly held; hence we are expecting a strong response from the sale process" commented HTL Property Director, Blake Edwards.
"In addition to the strong business fundamentals enjoyed by this particular asset, the clear shortage of quality assets coming to market is undoubtedly creating urgency amongst buyers wanting to secure assets before upward pressure on acquisition prices begins to amount further" Edwards continued.
"Buoyancy, positivity and very deliberate activity by industry paragons remain strong features of the national hotel market landscape" added HTL Property National Pubs Director, Dan Dragicevich.
"These key factor character traits are well supported by more structural imperatives such as low and accessible interest rate funding, strong post CV-19 trade; and the well placed and widely held beliefs regarding sector resilience" Dragicevich concluded.
HTL Property, 4th February 2021
