Harvest Hotels has picked up Wagga Wagga’s popular Victoria Hotel for $29 million in a record regional Australia pub transaction.
It breaks the record set in the same town just a month ago, by a consortium including pub baron Arthur Laundy buying the Thomas Blamey Tavern for $27 million.
The Victoria Hotel occupies a 1,311 sqm landholding at the gateway of the town’s CBD. It is one of regional NSW’s strongest performing hotels with annual revenues in excess of $10.5 million across bar, bistro, gaming, wagering and accommodation.
The business features a 3am liquor licence with 28 gaming machine licences.
The sale was conducted off-market by HTL’s Sam Handy and Xavier Plunkett on behalf of Waratah Fund.
Waratah Fund owned the Victoria Hotel for over 15 years and received numerous unsolicited approaches to sell the business.
“Consistent with our recent divestment of the Amaroo Tavern in Moree, we recognise the strong demand and limited supply for quality regional hotel assets across New South Wales,” Waratah Funds Management director, Darren Baker said.
Harvest Hotels last year bought Wagga venue William Farrer Hotel last year, and has recently bought the Northside Hotel in Albury, as well as the Woy Woy Hotel on the Central Coast.
“The Waratah Fund has operated the pub really well for a number of years. It’s a staple of the town, and we look forward to picking up some of the quality work they’ve done to date.” said Chris Cornforth and business partner Fraser Houghton.
“The Vic is an institution in Wagga – be it for a quick lunch, a cold schooner after work, a cocktail of a weekend or a night out with your mates. It is a great pub with a fun atmosphere, and we look forward to working with its team to create iconic pub experiences right in the heart of Wagga.”
Recent regional NSW hotel sales include The Imperial Hotel in Singleton for about $18.5 million, the New Albury Hotel in Albury for $13.2 million, the Orana Hotel, recently bought by Laundy’s daughter Danielle Richardson and her husband Shane for $13 million, and the Hotel Narooma was for around $6 million, bought by Justin Hemmes’ Merivale Group.
