ELEPHANT & CASTLE CHARGES TO MARKET

In On the Market by Clyde Mooney

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The amply proportioned Elephant & Castle Hotel in Bathurst has come to market, trumpeting plenty of blue sky in Australia’s oldest inland settlement.

Bathurst is around 200 kilometres north-west of Sydney, and one of the State’s strong regional hubs, experiencing a growing population of more than 41,000, expected to surpass 55,000 by 2036.

The pub occupies a prominent corner on arterial Keppel Street, just two blocks from Bathurst Station.

It offers a public bar, commercial kitchen and bistro, beer garden, gaming room with three EGMs, and well-patronised nightclub, under a six-day 5am licence. 

The area has seen the recent closure of both the Victoria and Railway Hotels, improving the landscape for established pubs. The first quarter of FY19 has seen a 25.1 per cent increase in average weekly revenue over FY18, now over $30k.

Bar makes up the lion’s share of the takings, accounting for 72.15 per cent, with gaming only 11.55 per cent.

The gaming operation presents aging hardware and games and does not count a smoking area, nor TITO or a cash redemption terminal, and sits at 1090 on Liquor & Gaming’s list of NSW venues, in a Band 2 precinct. Agents suggest it would benefit greatly from updating and potential addition of machines.

Similarly, the bistro accounts for only around 10 per cent of takings, and could benefit from emerging opportunities in the town. 

The Amerio family has listed the freehold business through HTL Property’s Xavier Plunkett and Blake Edwards, who note the affect the recent changes have had on the pub already.

“The Elephant & Castle Hotel has been trading very consistently in the past 15 months, and already the first quarter of FY19 has seen an average weekly revenue of $30,000 per week,” notes Plunkett.

The freehold going concern of the Elephant & Castle Hotel is being sold via Private Treaty.