Harvest Hospitality has listed the historic Australian Hotel in Yass, aiming to reap the benefit of a fresh makeover and strong interest in strong regional operations.
Fraser Haughton and Chris Cornforth’s Harvest purchased the pub mid-2017 and executed a comprehensive refurbishment, capped by an all-new bistro menu in December last year.
The site first opened as a licensed premise in 1863 under the moniker the Hibernian Hotel. It was owned by former convict and horse thief John Martin until 1881, at which time the new owners renovated and extended the premises, renaming it the Australian Hotel, which it retains today.
The façade underwent subsequent renovations in the 30s, bringing the iconic curved tile street level frontage and the addition of the emblazoned parapet.
As one of the first major structures in town it occupies a prominent position on main drag Comur Street, on a generous 3,017sqm lot.
It provides patrons an old-school public bar, gaming room with ten EGMs, and extensive accommodation offering, with 17 rooms on the first floor plus another 17 motel-style suites.
Haughton and Cornforth are based in Sydney, with operations in several NSW precincts including Tamworth and Orange, and the Australian business is run under management, generating more than $30k weekly revenue.
The partners recently successfully divested their other pub in town, the Yass Hotel, formerly the Royal Hotel, and see this post-refurbishment period as ideal for capitalising on their investment.
“The Australian Hotel Motel is now one of only two pubs with a poker machine offering in Yass, and neither includes a smoking solution,” advises CBRE Hotel’s Kate MacDonald, marketing the pub with colleague Ben McDonald. “An incoming operator would do well to capitalise on this deficiency.”
The well-presented accommodation is seen as having particularly strong potential, currently running at 60 per cent occupancy the pub is well positioned “to be operated as a genuine accommodation-focused business”.
The campaign is anticipating sale price around $3.5 million. The freehold going concern sale is via Expressions of Interest, closing Thursday 5 March.
