Recent regional pub sales have indicated continued high demand for quality hospitality assets right across the country.
JLL Hotels & Hospitality Group announced the sale and settlement of the New Crown Hotel in Hay NSW, with long-term owner Sam Watts closing the chapter on a 36-year tenure.
The pub was sold via an on-market private treaty process, generating diverse interest from nearby hoteliers and private operators alike.
The venue includes twelve Band 3 (red zone) gaming machine entitlements, 10 accommodation rooms (eight of which are en-suited), two independent managers flats, an expansive beer garden, 2am hotel license and impressive bar and bistro areas.
Positioned on a landholding of 1,782sqm the existing hotel infrastructure is complemented by an approved DA to reconfigure the gaming room and public bar area.
Around 267km from Wagga Wagga, Hay is positioned in south-west NSW and is an administrative centre for the local agricultural economy.
JLL’s Greg Jeloudev and Kate MacDonald negotiated the deal and noted that the New Crown Hotel was highly sought after for being a well-rounded asset.
“The New Crown Hotel has all the enviable traits of a well-rounded hotel asset, being gaming, F&B and accommodation. The venue is protected by strict legislative measures, which safeguarding the successful purchaser against any further competition. Assets such as the New Crown Hotel will continue to be highly sought whilst such protective covenants remain in place,” said Jeloudev.
JLL also this week announced the sale of the underlease of the Walkabout Lodge & Tavern along with the Arnhem Club in Nhulunbuy, Northern Territory.
Located in an excellent trade catchment area with a strong local economy, the venue is expected to bring in consistent, high volume income levers, with the only 20 gaming machines in Nhulunbuy and limited competition.
Barron Falls Hotel in Kuranda, in northwestern Queensland was recently acquired by Paul McMahon of McMahon Hotels Group, marking his fifth pub acquisition.
The sale was managed by Savills Australia and New Zealand via an off-market process.
Kath Brassington of Savills Australia and New Zealand said: “Don and Shalene Little have established a fantastic foundation for the incoming buyer, and with McMahon Hotels Group at the helm, both locals and tourists are sure to continue frequenting the venue.”
McMahon Hotels Group has built a strong reputation in the industry, successfully revitalising and managing multiple venues across Far North Queensland, with Paul McMahon sharing his excitement about the sale.
“Kuranda is a unique and vibrant destination, and we look forward to building on the hotel’s strong reputation while continuing to offer a welcoming experience for both locals and visitors alike,” said McMahon.
Previous owners, Don and Shalene Little, operated the venue for 11 years, building a strong reputation and a loyal following within the community.
The transaction follows a series of successful sales in the region of late – most recently the sale of the Royal Hotel Ingham – further demonstrating continued investor confidence in Far North Queensland’s tourism and hospitality sector.
The recently renovated hotel occupies a substantial 3,030 sqm corner site in the heart of the town which is a popular gateway for tourists exploring the region’s natural attractions.
The property features a traditional pub-style venue, including a bistro, sports bar, beer garden and gaming room catering to both the town’s residents and its strong tourist market.