A syndicate led by Sam Cruikshank and Sean O’Hara has furthered the faith in the land of many crows, snapping up the Sportsmens Club Hotel.
Known locally as ‘Sporties’ the pub features public bar, bistro, gaming room with 14 machines, beer garden and five accommodation rooms, holding a 2am liquor licence Thursday to Saturday. It resides on a big 2,025sqm suburban block with off-street parking, immediately adjacent to Wagga Wagga racetrack.
Sporties reports “genuinely diversified” revenue streams not overly reliant upon any one department, which have helped make it a perennial high-performing asset.
Sale was on behalf of the highly regarded Stratton family, who have been resident locals for many years.
The freehold going concern has been picked up for a price believed to be circa $6 million by Cruikshank and O’Hara, who also jointly own Wagga’s Turvey Tavern. The new owners take the reins in April, planning a refreshed operation and economies of scale.
“We were already strong believers in Wagga Wagga as a regional centre, and when we heard the Stratton’s were selling we were keen to be a part of the conversation,” explained Cruikshank.
“Capacity restrictions made trading challenging post-COVID-19, so now that things are returning to normality we are confident we can return the venue to its former glory.”
Wagga Wagga is a strong regional centre, with population over 65,000 and growing, espied by the migration out of metro.
The sale was managed by Blake Edwards of HTL Property, noting the second sale in the town in the past six months as capital seeks the kind of returns being found in select hotels outside the cities.
“Stock remains tight for hotels in strong regional locations, which is providing for some fierce competition between buyers,” says Edwards.
“While prices are at record highs, relative to other asset classes they remain extremely attractive investments to experienced operators and astute investors.”
