Rare bird and Top100 Fairfield LGA pub the New Victoria Tavern has been offered up to a red-hot market by Matsal Investments.
Located in Wetherill Park, the New Vic hosts a lively sports bars and TAB facilities, with Punters Paradise every Saturday, function facilities, onsite parking and a regular courtesy bus, and a first-class VIP lounge, with 19 EGMs.
It was recently renovated and Development Consent approved to trade until 4am.
It is consistently in the Liquor & Gaming Top100, and proximate to the state’s ranked #1, #12, #14, #23, #27, #38, #58 and #60.
The structure and sale includes a retail tenancy, currently a medical practice on a flexible lease to ASX-listed Healius (ASX:HLS), providing an option for future footprint expansion.
New Victoria is within the 650-Ha Smithfield-Wetherill Park Industrial Area – the workplace for around 14,000 employees at 3,000 businesses – and enjoys an almost exclusive trading catchment throughout Wetherill Park, Bossley Park, Prairiewood, Fairfield West and Smithfield.
Fairfield is Sydney’s highest-performing gaming LGA on the basis of profit per machine, and by this measure the New Victoria Tavern is the strongest-performing hotel in the State.
In the wake of big-ticket sales in recent months dipping below five per cent cap rate, as an established earner it is generating price expectation north of $60 million.
The vendors, Matsal Investments, hold other commercial properties in the northern rivers region, but this is their only pub in Sydney and something of a geographic outlier.
“Ranked 91 in the state for the June quarter, hotels of this magnitude coming to market are unsurprisingly so very rare … but hotels of this magnitude within the Fairfield LGA available for purchase are frankly, unheard of!” exclaimed HTL Property’s Dan Dragicevich, marketing the property with colleague Andrew Jolliffe.
“Furthermore, the vice like grip in-situ owners have over all other Fairfield hotels, renders this single hotel opportunity the very last one of its kind for anytime in the foreseeable future.”
The freehold going concern of the New Victoria Tavern is being sold via on-market Expressions of Interest, concluding Thursday, 9 December.
