Liam O’Hara has reluctantly listed his thriving Kelso Hotel in Bathurst, as he looks to develop other businesses and close to 100 villas.
Member of the industry stalwart O’Hara family, Liam has owned what was the only pub in the Bathurst suburb of Kelso since 2005.
More than five years’ ago he bought the nearby St Patrick’s Sports Club, which was in receivership, and moving a hotel licence from in town, converted the business into a pub, now called Paddy’s Hotel.
Paddy’s enjoys a huge block, and O’Hara is now beginning plans to execute approved DAs for a childcare centre and a gym, and in around six months the construction of 89 villas.
In a bid to raise capital for the development projects, he has listed the Kelso Hotel.
“They’re both going pretty well,” he reports. “Over a third of Bathurst live in the Kelso area.”
Bathurst itself has been enjoying steady growth and investment, and east of the town centre, across the Macquarie River, Kelso shows almost nine per cent population growth at the 2016 Census.
“The whole suburb is going really well,” continues O’Hara. “There have been heaps of new residential developments going in, and the population growing.”
The large-format Kelso also occupies a generous block, of 2,910sqm, with ample off-street parking, and 12 detached, underutilised motel rooms adjoining the pub.
It holds a 3am licence – also not fully utilised – and 14 EGMs, in a room ready for a refresh, and an area that will remain Band 1 if the new NSW gaming laws eventuate.
The freehold going concern is being marketed by Ray White Hotels’ Blake Edwards, who notes the potential for an incoming operator.
“The Kelso is a well-rounded regional hotel with strong revenue from all departments, and I think buyers will identify upside in improving the gaming and accommodation offerings.”
The auction sale of the Padstow Park Hotel at the Ray White offices on Wednesday echoed the few big-ticket Sydney sales this year, such as the Wattle Grove and Banksia Hotels, and Edwards says interest in the best regional areas continues to gain momentum.
“With hotel listings so scarce in metropolitan areas, we are seeing a lot more focus on prime regional area like Bathurst, which are experiencing a resurgence with Sydney-based hotel groups.”
The Kelso Hotel is to be sold via Expressions of Interest, closing Thursday 12 April.
