The large-format Thomas Blamey Tavern in the Riverina has been sold to a consortium led by publican Lee Green.
Occupying a 6,110sqm site in Wagga Wagga, one of the state’s premium regional precincts, and only a couple of blocks from popular recreational area Lake Albert, the big pub offers public bar, bistro, sports bar with large screens, gaming room with 26 EGMs, function space and drive-through bottleshop.
The new owners are an industry group fronted by Green, part-owner of the South Dubbo Tavern, who will be moving to town to operate it.
The transaction was executed on behalf of both the buyer and seller, through HTL Property’s Blake Edwards.
HTL declined to comment on the sale price, but industry sources suggest it was around $26 million, which is thought to be a new record for a regional hotel in NSW.
It comes after a record 100 NSW hotels changed hands in 2021, at an average LVR (Loan to Valuation Ratio) of 46 per cent.
Wagga Wagga played an active role in the activity, including sale of the Riverina Hotel, followed by the O’Haras taking Sporties last April, and both Romano’s Hotel and the Duke of Kent selling in May, each through HTL.
“Sales of this magnitude in leading regional centres are becoming increasingly frequent, and are representative of a marketplace that still enjoys prosperous consolidation opportunities,” suggests Edwards.
