Sold: Joe Maguires Hotel, Tamworth
HTL Property is pleased to announce the successful sale of Joe Maguire's Hotel in the Major Regional City of Tamworth. The Freehold Going Concern interest in the property was sold off market through Xavier Plunkett via a buy-side mandate.
The Cannon family, Vendors for the sale, are lifetime publicans who have been in Hotels for 45 years and in Joe Maguire's specifically since 2004. The hotel was purchased by an Ashton Waugh-led syndicate which counts the Tudor Hotel, also in Tamworth, within its portfolio of regional assets.
From a strategic perspective, the acquisition was a logical progression for the syndicate who are looking to increase their holdings within the City on the back of their enormous success at the Tudor Hotel.
“We will look to trade the hotel and expand the business. Whilst immediate plans are still in their infancy, an updated menu and creating a family-friendly environment with children’s playground and the obligatory live country music are high on the list. We will also look to maintain and expand a traditional offering for the public bar, gaming room and sports bar. To us, there exists obvious upside in the venue, coupled with the synergies created by our existing management structures in Tamworth” commented Ashton Waugh.
The property consists of a large freehold hotel with 7 valuable poker machine entitlements, 10 short stay pub accommodation rooms, a commercial kitchen, large bistro and alfresco beer garden; and includes a large function space on an enormous 3500 square metre allotment located on Peel Street, the main high street of the City.
The Hotel is strategically located as the closest licensed premise to the enormous Northern Tamworth growth corridor, that itself expects to see 15,000 new residents over the next 15 to 20 years as the Tamworth City Council's 100,000* person plan comes to fruition.
"Despite continued transactional success, many vendors have been reluctant to formally bring property to the market via on-market campaigns and off-market transactions such as this will be prevalent in the short to medium term" advised HTL Property's Xavier Plunkett.
"Working closely with our clients as trusted advisers has been in the nucleus of HTL Property's DNA since our inception, and this transaction further cements our position as the most active brokerage firm in Regional NSW on either a buy or sell-side basis" concluded Plunkett.
The sale follows HTL Property's $135 million worth of sales over 23 regional and coastal pub transactions for the Financial Year 2020.
*approx.
HTL Property, 17th July 2020
