The Gibbs’ have sold their Gunnedah Hotel in My Country to an expanding partnership of Daniel Whitten and Luke Prout.
The best pub in one of the State’s rapidly growing towns, the Gunnedah is a big two-storey structure on 2,921sqm on main street. Chris and Kim Gibbs have owner-operated the business since 2011, but listed it in November, looking to relocate.
“We’ve loved our time in Gunnedah and have enjoyed playing a role in the improvement of the Hotel across all facets, and supporting local sporting teams and events,” says Chris Gibbs.
“We’re relocating to the coast for family reasons and will be keeping a close eye on the next chapter for the Gunnedah Hotel.”
Reporting around $40k weekly revenue, the Hotel counts a public bar with TAB, the Saloon Bar, the Back Bar, bistro and commercial kitchen, function room, courtyard beer garden, 12 gaming machines – four in a smoking solution, and 29 accommodation rooms.
Gunnedah is an agricultural region 475 kilometres north-west of Sydney, near Tamworth, and annual home to AgQuip – Australia’s largest agricultural field day, with the pub its unofficial home. The discovery of high-quality coal has driven strong population growth in the town, increasing 29 per cent in 2017.
The town was also inspiration for Dorothea Mackellar’s famous poem My Country (aka I Love a Sunburnt Country).
The Expressions of Interest campaign offered the freehold with vacant possession, attracting “a huge number of enquiries” from both established operators and industry newcomers, according to agent for the sale, Manenti Quinlan’s Nick Butler.
Taking the prize is established hotelier Daniel Whitten, owner of the Robin Hood Hotel in Charing Cross, and Luke Prout. The pair are already partners in the Tamworth Hotel and were reportedly motivated by the prospect of synergies and efficiencies in the region.
While the price was not disclosed, the final figure is said to represent a yield close to 11 per cent on current trading.
“With the recent shortage of metropolitan assets being taken to the public market, the Gunnedah Hotel attracted a very high level of interest from Sydney publicans and a long list of established country operators,” reports Butler.
“Gunnedah is expanding rapidly due to the growth of its industries, and the opportunity to take advantage of that via the Hotel’s passive income streams was particularly attractive to prospective buyers.”
Whitten and Prout take over operations in February.
