Black Rhino Group has acquired the Cardinia Park Hotel in Beaconsfield for $25.4 million.
The suburban Melbourne pub becomes the 37th hotel in the group’s portfolio of pubs across Victoria and South Australia.
Cardinia Park Hotel occupies a massive 48,976sqm land-holding at the centre of Victoria’s South-Eastern growth corridor, and includes 45 EGMs, a sprawling family bistro, fully refurbished public bar, large function space and generous outdoor dining zones. The hotel was successfully operated by prominent Victorian hoteliers, the Deegan family, who own and successfully operate a number of venues across the south-east of metropolitan Melbourne, including the nearby Central Hotel.
The transaction was brokered exclusively off-market by JLL’s Will Connolly, who noted it was a significant sale within the Victorian gaming landscape.
“The sale of the Cardinia Park is a perfect example of the aggression shown within our market for hotel assets of this ilk, with a balanced mix of departmental revenue, an incredibly well maintained and presented venue and a solid reputation within the area.
“What cannot be under-estimated though with this particular transaction is the land-banking aspect with close to 5 hectares of land within one of metropolitan Melbourne’s most rapidly expanding locations,” Connolly concluded.
Within Black Rhino Group, the Cardinia Park Hotel is viewed as a landmark acquisition among its large portfolio.
“We’re thrilled to be taking the reins of such a well-regarded venue and look forward to taking the Cardinia Park Hotel to its next chapter and join the Black Rhino family. We thank JLL for uncovering another sensational addition to the group,” stated managing director David Tomsic.
In Australian Hotelier’s 2022 Annual Industry Leaders Forum at the beginning of the year, Tomsic also hinted that another massive acquisition is on the horizon for next year, with “a MONSTER pub” to be acquired in June 2023.
In the meantime, Connolly suggested that more discreet, off-market transactions of a similar standing to the Cardinia Park Hotel would be announced before the end of the year.