Winding up in town, Peter Griffiths has listed his popular Tattersalls Hotel in the under-pubbed region of Goulburn.
Built in the 1960s, the pub boasts one of the largest trading footprints and is widely considered to be the best pub in Goulburn, offering public bar and wagering, bistro, gaming room with 16 machines, extensive outdoor areas including both the biggest beer garden and biggest screen in town, and 11 pub-style accommodation rooms, all under a 3am liquor licence.
The 2,883sqm site is on a corner of main drag Clinton Street in the CBD, enjoying demand drivers in the nearby Aldi, Goulburn Marketplace and Quest Serviced Apartments.
The Tatts has seen quality renovation and refurbishment and the accommodation experiences high rates of occupancy, but there remain two untenanted retail shops and a large portion of the first floor currently vacant and underutilised.
A modest performer via the gaming entitlements, the precinct’s red zone classification offers a level of protection against competitors.
Zoned E2 Commercial Core, with 15-metre height approval and attractive FSR ratio of 2:1, the title does hold mixed-use redevelopment potential, although its most immediate upside is likely to come through a fresh set of eyes on the business.
After the better part of two decades at the helm, Peter Griffiths explains his family’s recent relocation is the reason for the sale.
“Our family has lived in Goulburn for the last seventeen years, but have relocated to Albury for both business and lifestyle reasons,” he says.
“The Tattersalls Hotel is really well positioned for an incoming operator seeking an immediate cash flow, and with very little capital expenditure required.”
Currently reporting annual revenues close to $4.5 million, price expectations are around $13 million, with interest anticipated from local and surrounding operators as well as Sydney.
Counting almost 30k residents amid forecasts of continued growth, Goulburn is seen as one of the state’s strongest regional economies.
It has undergone significant consolidation in pub operations in recent years, having one of the most favourable pub-to-population ratios in regional NSW. The six hotels are held by only three owners, with Griffiths having sold his Empire to Public Hospitality Group, which also bought the Southern Railway.
A sales campaign is being managed by HTL Property’s Blake Edwards and Sam Handy, who predict it may precede increased activity in the market heading to the end of the year.
“The regional pub market has been comparatively sluggish over the last six months, with both an under supply of quality hotels available and buyers struggling to understand where fair value sits in an escalating interest rate environment,” suggests Handy.
“We anticipate that the Tattersalls Hotel campaign will be an excellent bellwether for where the more positive market now sits.”
The Tattersalls Hotel freehold going concern is being offered via Expressions of Interest, closing Thursday 28 September.
