An expanding Sydney hotelier has paid a booming market price of around $18.5 million for the Imperial Hotel in Singleton, bought only a few years ago by the Murphy brothers.
Situated amongst a growing residential population in the upper Hunter region of NSW, approximately 70 kilometres from Newcastle, Singleton’s Imperial occupies a generous block of around 3,000sqm. The large-format Hotel holds a 3am licence, offering public bar, bistro, gaming with 23 machines, and 14 first floor accommodation rooms.
It also holds, and has been sold with, CDC approval for expansion of the existing trading footprint, set to provide a new bistro, including beer garden and alfresco dining, public bar, gaming room and TAB.
After a two-year hiatus following sale of their Belmore Hotel in Maitland in 2017, in late 2019 the Murphy family bought the freehold going concern of ‘The Impy’ in Singleton from regional hotel property group Walker Douglas, who sold in conjunction with lease operators Callen Hotels, for $3.3 million.
At the time it sported only 15 gaming machines, and 12 accommodation rooms, which were underutilised.
The brothers wasted no time, gutting the hotel rooms for a full makeover and setting about repositioning the business away from its late-night entertainment trade. It had literally been known as ‘Shenanigans’ until only months prior.
They reopened in early 2020, focusing on what they saw as a gap in the area, being a genuine pub with a great bar and food, and strong community engagement. Further plans were in-hand for the next stage, renovating more of the historic pub.
At time of purchase the Imperial cited annual revenue just north of $2.5 million, which the Murphys have increased to around $5.5 million.
While the buyer was not announced, it is rumoured to be Sydney publican Ken McCourt, who also holds the keys at Sydney’s Concourse Bar, as well as the Terminus Hotel in Marulan and Hotel Henry Rous in Lismore.
Sale on the Imperial was through JLL Hotels’ Ben McDonald and Kate MacDonald, who note the ongoing procession of sales in growth areas outside the capital.
“Strong performing regional hotels easily accessible from Sydney continue to attract the discerning eye of astute hoteliers and investors given their cashflow generation ability, consistent performance, and growing local economies,” notes MacDonald.
