Top gaming pub changes hands

A top-ranked gaming venue has been snapped up in an off-market transaction valued at close to $30 million. 

Andrew Jolliffe, NSW managing director of Ray White Hotels, told TheShout that the sale of the Greenfield Tavern in Greenfield Park, western Sydney, represents the first time in over five years that a Top 20 gaming hotel freehold has transacted.

"These assets are rarely traded, hence it was a swift process to match buyer and seller," he said. 

"This is significant in that it represents the strength of both the circa $30m freehold hotel asset class, and also highlights the tightly held nature of truly top flight gaming assets."

Jolliffe would not disclose the identity of the buyer, but said the hotel was purchased by an astute operator who "enjoys both the financial capacity and foresight to secure an A-Grade asset indexed to the reliable and consistent gaming revenue stream".

Ray White expects to finalise two further contracts for material freeholds before the end of the year, suggesting further indication of a recovering asset class, and is also marketing the Wirrana Cove Resort in South Australia.

Source: The Shout, 26 November 2012