Dubbo pub kings Greg Pilon and Brett Harvey have listed their town centre Commercial Hotel in the rural hub, eying expansion to the coast.
Comprising a traditional hotel adjoining a former dwelling, the Commercial occupies 1,635m² on a corner of main road Brisbane Street.
It comprises a bar, bistro, function room, spacious beer garden and gaming room with 12 EGMs and was recently refurbished, and yet to properly realise large potential upside.
Dubbo is a regional hub, around 400 kilometres north-west of Sydney, with a growing population currently around 51,000. The region services an estimated catchment of 120,000.
Pilon and Harvey have history in Dubbo and still hold deeds to two other pubs, the Pastoral Hotel and local legend ‘The Buncha’.
“Brett and I bought the hotel in 2013 and have spent a heap of money on it to get it where it is today, it’s really trading well,” Pilon told PubTIC.
“We want to free up some capital and buy larger format hotels in bigger metropolitan areas like Newcastle or the Central Coast.”
The men have engaged Ray White Hotels’ Blake Edwards to market the already profitable Hotel, expected to transact on a high yield.
“This is an excellent hotel for someone looking for an exceptional return on investment,” suggest Edwards.
“It is doing almost $80,000 per week in revenue and still has loads of potential upside left in gaming, which is performing under benchmark compared with other Dubbo hotels.”
The freehold going concern of the Commercial Hotel is being sold via an Expressions of Interest campaign, closing Thursday 20 July.
