Wagga Wagga’s Ashmont Inn Hotel has been listed for the first time in its history in what is likely to be one of the most anticipated and keenly contested regional pub offerings of the year in NSW.
The Inn was built in 1978 within the Ashmont Mall precinct, on a generous 4,995sqm site, holding a midnight licence. It comprises a single service point main bar, wagering, gaming room sporting 20 machines, and retail liquor, generating total annual revenue of close to $5 million.
It also has an approved DA for a new outdoor beer garden and children’s playground, extending into the existing car park, planned to include perimeter fencing, a lawn area, cabanas with an operable roof for alfresco seating, and a small performance area for live music.
Wagga counts local population of close to 70K, boasting supporting infrastructure for its role as an important agricultural, military and transport hub.
The pub enjoys a large and exclusive catchment, bounded by the Sturt Highway and the railway line, taking in Ashmont residents and the city’s industrial precinct.
For nearly 50 years it has been owned by its creators, Dutch immigrants the Mathot family; husband and wife Johanna and Josephus, and Paula, wife to Josephus’ late brother.
Operating the hotel on their behalf has been experienced local Andrew Behnke, who previously owned and operated the nearby Turvey Park Hotel in Mount Austin.
Having recently received multiple unsolicited approaches to sell, the family elected to formally list their Riverina institution, aiming to capitalise on market conditions.
As yields stabilise and metropolitan opportunities becoming even harder to find, acquisitive operators are looking to the strongest regional centres, often targeting pubs on larger footprints, frequently equating to better value and upside.
Wagga is one of those finding renewed focus from buyers, prompting the campaign through HTL Property’s Blake Edwards, Sam Handy and Paddy Dalton, who suggest the pub “enjoys attributes” they believe will pique market curiosity.
“We anticipate that there will be a mixture of local interest, buyers from some of the larger surrounding regional centres, and most definitely from Sydney,” says Dalton.
An Expressions of Interest is scheduled to close Thursday, 18 September.
