The large-format Turvey Tavern has come to market, boasting plenty of opportunity in one of NSW’s strongest regions and regional gaming LGAs.
For the past two decades Wagga Wagga’s Turvey has been operated fully under management on behalf of an ownership syndicate. The team has built the operation to be turning over $4.2 million across a balance of revenue streams.
The syndicate has determined now is the time to part with the big single-level red brick pub, occupying 1,644m² adjacent to Turvey Park Shopping Centre.
The pub comprises a public bar with rare 3am extended trading, bistro, extensive outdoor areas and bottleshop. It also incorporates four unused motel rooms and a manager’s residence.
The gaming operation counts 20 EGMs, with clear upside through smoking-solution extension. While the Turvey languishes in the upper 500s on the L&G list of venues, its nearest competitor – the O’Hara’s Kooringal Hotel – is one of the few Top-200 pubs in a truly regional precinct.
Looking to capitalise on the bullish market conditions, driven largely by acquisitive city-based publicans combing for the strongest opportunities, the vendors have listed the Turvey with CBRE Hotels’ Ben McDonald and Sam Handy.
“With above-average transactional volumes of Sydney Hotels sold over the last two years the availability of quality metropolitan stock is rapidly diminishing, with operators now seeking quality coastal and regional assets over B- and C-grade metropolitan options,” suggests McDonald.
“We anticipate that there will be a mixture of local interest; buyers from some of the larger surrounding regional centres, and most definitely from Sydney.”
The Turvey Tavern is being sold via Expressions of Interest, expected to fetch upward of $6 million.
The EOI campaign closes Thursday, 31 August.