The old girl of Armidale is being sold by a private investor as a freehold going concern, offering a sprawling regional business underpinned by retail tenants.
Originally known as the Armidale Hotel, the Wicklow Hotel is the oldest licensed establishment in the New England region, occupying a large 1,870sqm corner lot in Armidale’s central business district.
A commanding two-storey brick building, at street level is a very large public bar, commercial kitchen and well-appointed bistro, with its own bar, gaming room holding 15 EGM entitlements, kids’ play room, and a large courtyard.
Upstairs has two large function spaces, each with its own dedicated bars, plus a separate space for meetings or private dining.
Marketing reports weekly revenue (March 2024) at nearly $60k, and the five tenants provide around $108k in passive rental income, with further potential through letting or use of existing vacant retail space.
Vendor on the property is former grain trader Wal Broun, who has held it since 2013. He sold his eponymous trading business a few years ago, and Broun and Co Grain P/L remains a loyal tenant.
Having originally acquired the pub as an investment, he says he is “conflicted” over the sale.
“I’d be making a very different decision now if I was 15 years younger.
“There is so much upside in a site of this scale in Armidale. I’m hoping to hand the keys over to someone who maximises the potential of the site – whichever direction they choose.”
A campaign is being managed by LAWD’s Nick Butler, Michael Corcoran and George Berry, with asking price of $9.85 million.
A stalwart of Armidale’s landscape for generations, Butler says it holds “plenty of fond memories” for a lot of people who have visited, lived or studied in the town.
“Wal originally acquired the hotel as an investment – having spent many a night there as a patron.
“He had leased the Wicklow out to various operators over the past decade and has used the timing of the most recent lease expiry to be able to offer the freehold going concern interest in the hotel.
“Pairing that with the passive revenues out of its tenants is a real luxury in the pub space.”
