The leasehold of Western Sydney hotel, the Town Tavern, has been sold, following a highly competitive sale process that reflects the popularity of Western Sydney gaming venues as an asset class.
In addition to the remaining lease term, the sale also includes ownership of two liquor licenses and 30 gaming machine licenses. Consistently in the Top 200 for gaming venues, the Town Tavern has demonstrated consistent cash flow and a promising business mix across beverage, gaming, and wagering.
The sale was overseen by HTL Property’s Andrew Jolliffe, Dan Dragicevich and Sam Handy, alongside Matthew Meynell and Jordan McConnell of Colliers. Liam Healey and Ben Rollo of Ankura acted as receivers and managers on behalf of Quentin Olde.
“Alongside our co-agency HTL Property, we ran a very competitive on-market process; drawing interest from a vast array of very experienced publicans and investors, and which saw multiple offers to purchase submitted and a highly competitive bidding process,” Meynell said.
Located within the Westpoint Shopping Centre in the Blacktown CBD, the hotel is immediately adjacent to the Blacktown train station and bus interchange. In addition, there is only one competing hotel within the Blacktown CBD, and the area is expecting strong population growth and a positive operating environment driven by the Blacktown Quarter masterplan.
Westpoint Shopping Centre itself is currently owned by real estate funds manager Queensland Investment Corporation and is located on a nine-hectare land holding. It has an annual turnover of $652.9m and comprises 260 stores, 87 per cent of which are national or listed tenants.
“Western Sydney hospitality indexed businesses are highly sought after investment vehicles, and which enjoy the benefit of being attended to the largely unbridled population and infrastructure growth so apparent in this prosperous part of the city,” Jolliffe said.
Though the sale price and purchaser’s identity have not been revealed, HTL Property and Colliers confirmed that the purchaser is an experienced owner/operator with a multi-hotel portfolio.