Sales continue in the New England region with news of the freehold going concern of Armidale’s Railway Hotel transacting for circa $8 million.
Established in 1879, the Railway resides on a generous 3,800sqm commercial property with dual street frontage, close to Armidale Hospital.
The full-format pub provides a public bar, bistro, gaming room with 12 machines, beer garden, drive-through bottleshop and onsite parking for 30 cars. The property also holds an approved DA for a 16-room motel.
HTL Property was engaged to sell both the freehold for Brett Groundwater and the leasehold for Charlie Redmond, of Hospitality Dynamics. The buyer is said to be a “private owner” who has requested confidentiality on the purchase of the restapled asset.
The agents lay claim to a run of sales in the wider New England Region, having transacted 15 freehold hotel properties in the past 18 months, totalling over $70 million. This is the third in Armidale this year, following the White Bull Hotel to Jim Knox in July and the Royal Hotel to DB Pubs in August.
“Outside the highly desirable yields on offer in regional areas, increased regional migration, regional infrastructure spending, a quick turnaround post CV-19 lockdown measures and a robust agriculture-led rural economy are all major drivers of the positive sentiment orbiting the regional hotel space,” suggests HTL Property’s Xavier Plunkett, who managed the campaign.
