Southern Highlands, Yorke Peninsula pubs find buyers
Buyers have swooped on two established regional hospitality assets, on the Yorke Peninsula in South Australia and in New South Wales’ Southern Highlands.
In South Australia, the Coopers Alehouse at 11 Heritage Drive (pictured, top), on the Wallaroo Marina, is trading to David McCallum, who holds other pubs.
The seller, a group headed by Rob Parsons, opened it in 2008, after paying $1.3 million for the freehold.
The swank venue contains a restaurant and function space.
The site spreads 3374 square metres.
McGees’ Grant Clarke brokered the off-market deal.
Wallaroo is about a 160 kilometre drive north west of Adelaide.
Southern Highlands pub fetches $10.5m
Meanwhile the Argyle Hotel freehold at Moss Vale, in the Southern Highlands, is trading for $10.5m – a 4.8 per cent net passing yield (story continues below).
On the Illawarra Highway, or Argyle Street as it is known passing town – with 15 electronic gambling machines worth $5.25m and the liquor license included – the asset was offered with a 15 year lease.
“The Argyle Hotel is a highly regarded suburban hotel operation within the Southern Highlands of New South Wales and the stability offered by the business’ trading fundamentals and covenant quality, in combination with a protected local business model, made this a compelling acquisition target for the sophisticated investor market,” HTL Property’s Blake Edwards, who marketed the hotel with Sam Handy, said.
“This was clearly reflected by the fact the freehold was sold within less than a week of the campaign closing and furthermore by the 4.8pc passing yield achieved,” according to the executive.
Mr Handy added the sale “aligns with the most recent transactional evidence in the form of significant regional New South Wales freehold investment hotels being the Amaroo Tavern [Dubbo] and the New Albury Hotel [Albury] which delivered yields of 4.10pc and 4.09pc respectively”.
The deal comes two and a half years since the Moss Vale Hotel freehold going concern sold for $16m.
That seller, Tom Porter, operated it 35 years.
Also represented by Mr Edwards and Mr Handy, that was the first Southern Highlands pub to hit the market since 2016.
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