The stately Imperial Hotel in the heart of Inverell is for sale, as long-time operator Michael Painko looks to move on.
The two-storey Georgian Imperial was built on an expansive 2,063sqm lot on a major corner of Otho Street, which forms part of the B76 highway that passes through town. Inverell is just over 200 kilometres west of Grafton and nearly 600 north of Sydney.
Inside the pub offers a public bar and TAB, gaming room with 10 EGMs (Band 3), commercial kitchen and bistro, function room, 23 pub-style accommodation rooms, and plenty of onsite parking.
There are only three pubs with gaming in town. It has recently seen a rapid uptick through the upgrading of five machines, but the other five still need upgrading and all machines are in a non-smoking area.
The kitchen operation is currently leased out for $800 per week, and the accommodation is offline pending finalisation of compliance upgrades.
Pianko has owned and operated the pub for more than 15 years, and sees current market conditions as his cue to sell.
Revenue from the bar and gaming is reported at $20k per week, with notable upside in the gaming operation, reclaiming the foodservice, and the completed accommodation.
“Inverell is a very strong blue-collar town with 14,000 residents and a very favourable ratio of one pub with gaming for every 4,500 people,” notes HTL Property’s Xavier Plunkett, marketing the pub.
“It is a major service town that provides amenity and vital services for a vast and productive agricultural and mining region.”
The freehold going concern of the Imperial Hotel Inverell is being sold via Private Treaty, with sale price anticipated to be north of $3 million.
