Dave Tomsic’s Black Rhino Group has paid over $25 million for the Deegan family’s sprawling Cardinia Park Hotel at Beaconsfield.
Established in 1926, the Cardinia Park Hotel occupies a commanding 48,976sqm (4.9ha) lot in Melbourne’s south-east.
It features a fully refurbished public bar, expansive family bistro, gaming room with 45 machines, significant function space and generous outdoor dining zones, reporting a healthy and diverse revenue stream.
For years it has been operated by prominent Victorian hoteliers the Deegan family, who still own and operate several venues across metropolitan Melbourne.
The pub has achieved industry acclaim, such as taking the AHA Vic Award in 2021 for Colin Rafferty as Chef of the Year.
Black Rhino Group holds a growing portfolio of 37 hotels, predominantly in Victoria but more recently in South Australia also.
Principal Dave Tomsic thanked JLL “for uncovering another sensational addition” to his collection of freehold going concerns, which he believes is destined to be one of their flagships.
“We’re thrilled to be taking the reins of such a well-regarded venue, and look forward to taking the Cardinia Park Hotel to its next chapter and join the Black Rhino family.”
The sale is another significant transaction within Victoria’s gaming hotel landscape, joining the likes of the Apollo Bay in March, and Oscars’ record-setting purchase of the Westwaters Hotel in Caroline Springs for $85 million in May.
“The sale of the Cardinia Park is a perfect example of the aggression shown within our market for hotel assets of this ilk,” suggests JLL Hotels’ Will Connolly.
“What cannot be under-estimated though with this particular transaction is the land-banking aspect with close to five hectares of land within one of metropolitan Melbourne’s most rapidly expanding locations.”
