Former Sydney publican Bob McGhee is selling his latest project, the handsome Tumut Star Hotel, at the foothills of the Snowy Mountains.
Located on a generous 2,638sqm site in the heart of town, the Star features multiple bars plus TAB area on the ground floor, modern commercial kitchen and spacious bistro, kids’ area, eight pub-style accommodation rooms plus a manager’s residence on the first floor, and a large on-site carpark.
Vendor on the sale is Robert (Bob) McGhee, who previously owned Adam’s Tavern in Blacktown, before selling a few years ago.
He bought the Tumut Star off close friends, seeking a new adventure, and has executed a renovation that has transformed both the interior and exterior.
The refreshed venue boasts modernised bar, bistro and dining areas, and the newly installed children’s play equipment and breakout area. It reports weekly sales averaging $26k across its F&B and accommodation, with a desirable late-trading 3am liquor licence.
Tumut is a town of over 6k residents in NSW’s Snowy Valleys region, flanked by the Tumut River, around 410 kilometres southwest of Sydney, or 130 west of Canberra. Its economy is based in forestry and agriculture, and tourism and retail, being a gateway to the Snowy Mountains and Kosciuszko National Park.
McGhee is ultimately looking to spend more time back in Sydney, and has listed the “resilient and profitable” asset for sale. Agents report he has put a lot of “money and love” into the hotel, which would be well suited to a small group or even a new market entrant. No price guidance has been issued.
There is scope for further development, such as adding cabins to the rear, through its B2 Local Centre zoning, and further upside is suggested in greater use of the rooms and tuning the offering.
“The prospect of adding value through rejuvenating the accommodation, repositioning the ground floor, and further developing the property whilst being able to draw profit from already robust food, beverage, and accommodation departments solidifies the Tumut Star as a valuable investment opportunity, and one expected to generate significant interest among potential purchasers,” elaborates JLL Hotels’ Edward Browne, marketing the property with colleague Greg Jeloudev.
The freehold going concern of the Tumut Star is being sold via Expressions of Interest, closing Tuesday, 2 May.
