The big Tattersalls Hotel in Casino is up for grabs, bringing with it the dozen EGM entitlements from the nearby Oxford Hotel.
The Tattersalls is a large-format, two-storey brick structure in the heart of town, on a 1,944sqm lot that counts over 50 car parking spaces.
Inside it features a public bar, commercial kitchen and bistro, function space, gaming room with 14 machines, and upstairs 13 pub-style accommodation rooms.
Casino is a strategic Northern Rivers precinct and home to over 12k people, around 700 kilometres north of Sydney, 200 south of Brisbane and 70 kilometres inland of Lennox Head.
Vendors in the sale are Craig Lusby, who has operated it for almost 10 years, and business partner David Lee, who has owned a collection of pubs over time in Sydney and regional areas.
Lusby is looking to retire, for personal reasons, and the favourable market conditions indicated a good time to divest.
Included in the sale are an additional 12 EGM entitlements from the Oxford Hotel, which would land 10 new licences for the buyer of the Tatts. The Oxford is still trading, but destined for other ventures.
The Tattersalls is already the highest performing gaming operation in Richmond Valley council, ranked #574 in NSW, but will no doubt benefit from the additional machines.
“This is undoubtedly a significant NSW gaming entitlement acquisition strategy,” suggests HTL Property’s Blake Edwards, marketing the asset with colleague Xavier Plunkett.
The pub reports more than 80 per cent of its revenue through gaming and bar sales, and with its entitlements and the incoming valued at more than $7 million, the sale is looking to offers around $11 million.
Its listing joins a slew of transactions and “highly favourable market forces” in and around the Northern Rivers region, highlighted by the Short-Laundy acquisition in February of the proximate Lennox Hotel for $40 million.
“Profitable gaming amalgamation opportunities that offer immediate capital appreciation metrics are becoming increasingly rare in the current environment,” adds Plunkett. “And the Band 3 zoning prohibits any additional competition.”
The freehold going concern of the Tattersalls plus the Oxford entitlements are being sold via Expressions of Interest, closing Friday, 11 June.
