The Bulls Head Hotel of central Victoria has come to market as the state’s regions continue to see post-pandemic growth and demand.
Set in Wangaratta’s commercial and retail precinct, the Hotel comprises a public bar, large commercial kitchen and refurbished dining area, function room with a large balcony overlooking the busy main street, and staff accommodation.
The property constitutes 583sqm with commanding 15-metre frontage on main drag Murphy Street, seeing consistent vehicular and pedestrian traffic.
Wangaratta is one of Victoria’s strongest regional towns, three hours north-east of Melbourne, recording a population approaching 30k residents plus a strong tourism trade. It is known for its parks and gardens, and the popular annual Wangaratta Festival of Jazz & Blues, which showcases over 350 national and international artists each year.
It has been listed by owner-operators Belinda and Mark Sorrensen, and could see sale price of $1.5-2 million.
The Sorrensens have engaged JLL Hotels’ Lachlan Persley to market the asset, which is likely to attract a variety of buyers in the current climate.
“We expect to see a lot of interest from operators with various backgrounds, from first-time operators to experienced publicans looking for a change in scenery, and even buyers looking to potentially change the usage entirely,” suggests Persley.
Regional Victoria continues to experience post-pandemic demand growth, prompting further long-time operators to consider divesting their position. Late last year Black Rhino Group bought the Deegan family’s sprawling Cardinia Park Hotel, and the Sawyer’s Arms Hotel was finally sold after 54 years.
“We’re receiving more and more enquiries from both experienced and first-time pub owners looking for the ‘tree change’ in regional areas such as Wangaratta,” added Persley.
“Early indications for 2023 suggest high demand in regional Victoria for astute operators.”
The freehold going concern of the Bulls Head Hotel is for sale by Private Treaty.
