The Turvey Tavern is back in the hands of a loving local, a new partnership buying the Wagga landmark for $5.6 million.
A syndicate of private investors headed by David Friedlieb and Peter Douglas have owned the pub for around 20 years, operating it under management.
The single level red brick pub sits on 1,644sqm on Bolger Ave, in the heart of Wagga Wagga. It was one of the early forays into pubs by former Qantas boss Geoff Dixon, now known for his part in Australian Pub Fund and Riversdale.
The syndicate listed the hotel in July, attracting operators from far afield to the regional hub, which boasts a population and catchment of around 63,000.
Recording a good balance of revenue, turning over $4.2m annually, the Turvey offered upside by way of an improved gaming room and smoking solution. It lags in the 500s of the Liquor & Gaming list of NSW venues, well behind its nearest geographic rivals, which include the Top200 Kooringal Hotel.
The eventual buyers are a partnership between Sam Cruickshank and David Dean. Cruickshank lives and operates pubs in Newcastle, while Dean not long ago sold Wagga’s Sportsmen’s Club Hotel and returns to the town where he grew up to run the Turvey.
Speaking to PubTIC, Dean believes an owner-operator will make a great difference.
“I’m sure it will. We see plenty of upside there, especially for a local bloke. I’m very keen to get home.”
Not wanting to pre-empt what changes they may make, he is eager to get back on the job.
“I’ll probably need to hit the ground for a little while and have a look, then go from there.”
The pub was marketed through CBRE Hotels’ Sam Handy and Ben McDonald, who note the swift execution of the buyers, in a sale they say set a new standard on regional yields.
“The benchmark sales result reflects the true value of the Turvey Tavern, which displays a strong underlying trading history with significant scope to improve the overall offering,” says McDonald.
“The strategic deployment of capital seeking double-digit returns from year one has found a home in what we would consider to be a very unique opportunity, and we wish the purchasers all the best with extracting maximum value from this asset.”
News on the Turvey closely follows McDonald’s sale of the Bomaderry Hotel to an unnamed buyer, for an unknown price. CBRE remained tight-lipped on details, except to say the incoming was already invested in several hotels across NSW.
