Hotelier David Richards has listed the large-format Imperial Hotel Coonabarabran, boasting big business in the centre of town.
Coonabarabran’s Imperial is located on the corner of main road John Street and Dalgarno Street, and incorporates seven retail business tenants.
The 2,261 m² site is directly opposite Woolworths and features 36 accommodation rooms plus a large manger’s residence.
It holds 17 PMEs (Band 1 LGA) and figures show the Hotel making consistent revenue over $48k weekly, with limited competition in the town. Coonabarabran is located around two hours west of Tamworth, and 5.5 hours north-west of Sydney.
It is being offered to market for the first time in over a decade by Richards, who is turning his attention to recent acquisitions such as Taree’s Bushland Tavern and the Hotel Kempsey.
Sale of the Imperial will be managed through CBRE Hotels’ Ben McDonald and Sam Handy in conjunction with Deane Moore from Moore & Moore Real Estate, who note its landmark status in the town and increasingly rare double-digit yield on offer.
“High-yielding pub assets with a diversified revenue base and in locations with limited competition will always be attractive – especially when compared to metropolitan assets on offer,” replied McDonald.
Moore went further, to suggest there are few similar assets on the market that compare to the Coonabarabran cornerstone.
“Regional hotels such as the Imperial form part of the fabric of local communities such as Coonabarabran, and will therefore maintain relevance and be highly desirable.”
The Expressions of Interest campaign for the Imperial Hotel Coonabarabran will close Thursday, 16 March.
