The big-trading Cross Roads Hotel in the tiny truck-stop town of Tomingley has come to market, offering option of a thriving leased freehold or blank slate opportunity.
Tomingley is a town of just 306 souls, that happens to be mid-point on the inland journey from Melbourne to Brisbane, around 40 minutes’ drive from Dubbo, in NSW.
The well-established pub includes a public bar, commercial kitchen, four accommodation rooms plus a manager’s flat, and five EGMs.
The current lease is only until September, but the tenant has expressed strong interest in staying, with or without the gaming machines.
“He’s keen as mustard to hang around,” offers Mike Newton, who owns the freehold in partnership with his father, and his brother, who owns a growing earthmoving business. Mike is based in Sydney and also owns and operates Botany’s Pier Hotel.
“It’s been in the family since the 90s. There’s nothing pressing, just people wanted their money. I’m looking at a few other business things in Sydney, so it would come in handy for me too.”
While little more than a speck on the map, Tomingley is town to a region of farmers, and a large open-cut gold mine slated to go underground for the remainder of its 15-20 year future.
The town’s location is well-suited to the steady stream of interstate truck drivers, looking to rest the log books and grab a shower, as well as the army of grey nomads heading north to warmer climates from Victoria.
Situated right on the Newell Highway, the pub sees no shortage of passing traffic and patronage.
“It’s been a fantastic business,” says Mike. “The pub’s full of miners and farmers, most of the time. The leaseholders we’ve had in there have done very well.”
The Newtons have listed the asset with Knight Franks’ Kate MacDonald and Mike Wheatley, who suggest it has a range of possible futures and options on the 4,000sqm block.
“The Cross Roads Hotels presents an opportunity for the investor or owner/operator,” suggests MacDonald. “Its value is underpinned by the 5 PMEs included in the sale, which have had their value enhanced by recent changes to NSW gaming regulations.
“If you had someone in there that’s going to put a bit of work into it, there’s so much space out there that you could hold some good entertainment acts.”
The Cross Roads is being sold as a passive freehold via Expressions of Interest, closing Friday, 18 May.
