Deals of the Week - 6th March 2023

Pictured above: The Robin Hood Hotel, Orange

New South Wales

ORANGE - $51 million

The Robin Hood Hotel in the regional NSW town of Orange has been sold by the Marlow Hotel Group for $51 million.

Initially purchased by the Marlow Hotel Group less than two years ago, the group undertook a multi-million dollar upgrade of the pub, leading to a sale price more than double than the original $19 million price tag.

The pub was purchased by a group of local investors led by publicans Tim Ireson and Ben Cochrane, the sale marks a record sale price for pub assets in regional NSW.

The deal was brokered by HTL Property's Dan Dragicevich, Blake Edwards, and Andrew Jolliffe.

Victoria

PAKENHAM - $2.585 million 

A private investor has acquired a brand new Snap Fitness 24-hour gym at 12/1 Hunt Way, Pakenham in Melbourne’s southeast at auction for $2.585 million.  

The sale price reflected a yield of 6.6%. 

Located on the upper level of a recently-completed neighbourhood retail complex, the 551-square-metre premises is secured by a new 10-year lease with a net annual rental of $170,500.

Burgess Rawson’s Shaun Venables, Zomart He, Justin Kramersh and Romanor Falconer brokered the deal. 

Having sold a number of health and fitness assets in the past twelve months, Mr Venables said that investors have accepted that the 24/7 gym model is the way forward for many of the chains as they are able to operate largely unmanned, with large membership numbers and low overheads.

SOMERTON - $1.275 million

A standalone industrial warehouse in Somerton has been sold at a public auction to a local owner-occupier.

 Located at 21, Stanley Drive, the 449 sqm land parcel attracted strong attention at auction finally selling for over $1.2 million.

The deal was brokered by CVA agents Craig Mckellar and Luca Angelico.

Tasmania

SCAMANDER - Undisclosed

The Scamander Beach Resort in Tasmania has sold for an undisclosed price, in a deal brokered by Knight Frank Tasmania's Charles Black and John Blacklow in conjunction with JLL Hotels & Hospitality's Gareth Closter and Nick MacFie.

Sitting on a prime beachside location between St Helens and Bicheno, the recently renovated asset holds 60 guest rooms and a 150+ seat restaurant.

JLL's Nick MacFie, commented on the sale stating, "The transaction shows both the strength of the regional resort/motel investment markets in Australia and the strong post COVID rebound the Tasmanian market has enjoyed."

*We note lower than usual deal activity to report this week