Bathurst’s well-patronised Family Hotel has returned to old, with Ashton Waugh’s Watering Hole Hotels selling it back to the previous owner.
The two-storey Family occupies a big corner lot on Bentinck Street, in the heart of town. It offers a large public bar, bistro, gaming room and accommodation inventory, and has developed a reputation for live music, hosting tribute bands to the likes of ACDC, Cold Chisel, INXS and Kiss.
In 2018 Ashton Waugh and investors purchased the hotel for $5.5 million from long-timer Steven Raffen, bringing another thriving operation into the Watering Hole stable of regional assets.
Beyond cosmetic tweaks, Waugh lifted the appeal of the gaming operation and increased the number of GMEs from 12 to 22.
However, the group has capitalised on other opportunities, such as the recent acquisition of the Union Hotel in North Sydney from Good Beer Co, and it was decided to release the equity in the Family, to allow more focus on other assets.
An invitation-only sale process generated the anticipated level of interest, with highly regarded publican Steven Raffen opting to return to what he knows, taking the freehold going concern back for a price approaching $13 million.
“It was fantastic doing business with Ashton again,” says Raffen, who notes Waugh almost bought another of his pubs too, and muses that while his son has just moved to northern Sydney for the sun and surf, he and his wife are headed back to “snow, cold and rain” and a welcoming community.
“Lauren and I can’t wait to get back … we actually miss the place. Our daughter and grandchildren are there and it will be great to get back into the ‘Family’ business.”
The off-market transaction was brokered by HTL Property’s Blake Edwards, who notes it is not the first time they have sold a pub back to a prior owner, after the Bayfield family and Redcape twice traded the Belrose Hotel.
In light of the RBA’s recent cut to interest rates, and pundit opinion that the official cash rate could fall as low as three per cent by the end of the year, agents say market activity has boomed and they are struggling to meet buyer demand.
Obviously familiar with the Family, Raffen effectively held insider knowledge in his bid to outbid the other suitors.
“While not common, this type of transaction accurately reflects the value we place in client relationships and the trusted advisor role we strive to perform,” says Edwards.
