Friday, March 29, 2024

Liquidator brings Albury pub offering to thirsty market

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Albury Hotel
Albury, with the New Albury Hotel on the corner.
Photo: Australian Property Journal

The freehold of the five-storey heritage-listed New Albury Hotel has been offered for sale with a long-term lease to Australia’s second-largest pub operator, Australian Venue Co, is the latest border town venue to hit the market.

It is the latest hotel to be put up for sale in Albury. Last year the town saw a consortium comprising the O’Hara, Laundy and Cruikshank families snap up the Springdale Heights Tavern for $22 million, while 2021 closed with former Wallaby Matt Burke selling the Northside Hotel for $16.2 million to fund manager Harvest Hotels.

Built in 1939 on a 2,000 sqm parcel, the New Albury Hotel’s iconic curved façade has a commanding street presence and is a rare regional example of Bauhaus/International style.

Australian Venue Co is Australia’s second-largest pub operator with more than 165 venues nationally and a further 12 in New Zealand, and the pub is currently operating as Beer DeLuxe. The lease brings annual net rent of $540,053 per GST with over 17 years remaining on the lease, including options.

FerrierSilvia, as liquidator appointed, has engaged Manenti Quinlan & Associates, in conjunction with D.J. May Real Estate, to market the investment.

Manenti Quinlan’s Leonard Bongiovanni said the hotel represents a lucrative set-and-forget investment opportunity,

“This is a fantastic opportunity for a purchaser to buy a historic building in a prime location with a national, A-grade tenant in place.”

“Being extensively renovated 2014, and the New Albury Hotel presents as a thoroughly impressive, well-maintained venue.”

The New Albury Hotel offers has modern spaces including a public bar, lounge, spacious bistro with children’s playroom, extensive beer garden, outdoor gaming area and four private function spaces.

Its 15 gaming machine entitlements are estimated to have an underlying asset value of about $4,800,000 if broken up. The site also offers flexible planning overlays including B3 commercial zoning, a floor space ratio of 3:1 and a height limit of 35 metres.

The original design of the building included lift access to the entire building including the roof, providing an opportunity to take advantage of the sprawling rooftop space.

“The New Albury Hotel has served the local community for more than 80 years and is an extremely popular venue under the Beer DeLuxebrand. It offers a strong foundation with all the elements astute investors seek in a premium asset,” said Doug May from D.J. May Real Estate.

The New Albury Hotel will be auctioned on site on 18 March.

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