The Namoi Hotel in Narrabri has been sold for the second time in two years, with an undisclosed buyer purchasing the freehold going concern for $8.5m.

The pub occupies a plot of nearly 3,000 square metres, and includes a public bar, bistro, commercial kitchen and drive-through bottle shop, alongside a gaming from with nine Band Two Poker Machine Entitlements, and a 24-hour licence.  Reported annual revenues are $5m.

In 2022, the pub in NSW’s North West Slopes region was bought by Tim Ireson and Ben Cochrane from the previous owners, Wendy and Vince Weakley, who had purchased it in 2005.

Ireson, Cochrane and partners said that ‘geographical constraints’ and a focus on assets held closer to Central West NSW were reasons for the sale.

“The asset was sold at a significant premium to the original purchase price, and the divestment represents good business sense for my partners. It was a hard decision to sell. We loved this pub, our staff and patrons. Narrabri is a great town with a lot going for it,” Ireson said.

“We would like to wish the new owner all the best into the future, and will do everything we can to accommodate a smooth handover along the way.”

Ireson, Cochrane and partners have recently purchased the Robin Hood Hotel in Orange.

HTL Property Director, Xavier Plunkett, stated that the new ownership were looking forward to working with the local community.

“We understand that there are renovations and improvements planned for the hotel, but the new owners remain appreciative of the strong following that the Namoi has always enjoyed.”

Namoi Hotel is found on a larger corner plot.

For Blake Edwards, HTL Director, the sale is another demonstration of the strong interest in regional NSW pubs.

“This sale reinforces to us that yields on regional freehold going concern hotels remains robust, and the acute supply shortage of quality stock is continuing well into 2023,” Edwards concluded.

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