The third Armidale Hotel sale for the year has just been announced by HTL Property, bringing the total investment in New England pubs to an eye-popping $70 million in 18 months through this specialist realtor.
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The company has sold 15 freeholds across the broader New England region, including the Royal Hotel to DB Pubs and The White Bull Hotel to Jim Knox.
The Grand Hotel is also currently for sale through them.
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The sale of the Railway Hotel was managed exclusively by HTL Property's Xavier Plunkett; via an off-market sale process and for an undisclosed price of around $8 million.
The popular pub was sold with a substantial 3,800sqm commercial property allotment, with dual street frontages and 30 car parks on title.
Ranked as the third most profitable gaming hotel in Armidale in the last six months by state government statistics, the Railway Hotel features a drive-through bottle shop, bistro, public bar, beer garden, gaming room and DA approval for a 16-room motel, all strategically located in immediate proximity to the Armidale Hospital.
"HTL Property was exclusively mandated to sell both the freehold Interest for Brett Groundwater and the leasehold interest for Charlie Redmond of Hospitality Dynamics; both in an off-market process," Mr Plunkett said.
"The sale process was a prompt and targeted off-market program that benefited enormously from HTL's deep buyer relationships in the area."
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Mr Plunkett said the buyer is a private investor who has requested confidentiality around the sale.
"We are delighted for both sets of vendors and look forward to their next endeavours", Plunkett added.
A surge of interest in regional hospitality by metropolitan-based investors has seen a long list of country pubs change hands this year.
"Outside the highly desirable yields on offer in regional areas, increased regional migration, regional infrastructure spending, a quick turnaround post COVID-19 lockdown measures; and a robust agriculture-led rural economy, are all major drivers of the positive sentiment orbiting the regional hotel space," Mr Plunkett said.
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