Budding top gaming pub the Lucky Australian is being sold by receivers amid the fallout from Court proceedings and other complications surrounding the divorce of one of the owners.
The Lucky occupies a large, prominent block, with plenty of upside in an area boasting extensive residential growth. St Marys holds a number of strong gaming pubs, and one of the State’s top gaming clubs.
Previously operated by pub industry veterans Pelathon Management Group, the hotel holds extended trading hours approval and 20 EGMs (SIA 26), with a recent LGA reclassification in the area opening potential for the full complement of 30 machines.
“The upside is very clear and simple, and the incoming purchaser will be able to acquire this at an entry-level price point and rapidly build value into the bottom line,” JLL Hotels’ Sam Handy told PubTIC.
“The hotel features highly desirable core trading attributes, and has the potential to be a top gaming pub.”
JLL’s Sam Handy and John Musca were appointed to manage the sale for Ferrier Hodgson, via an Expression of Interest campaign concluding 12 November, 2015.
The unusual circumstances of the sale could present an opportunity, and Musca anticipates it will be another in the torrent of benchmark transactions seen already this year.
“Robust trading conditions, a low interest rate environment and debt liquidity are aligning with the investment timelines of a range of purchaser profiles, with a real buoyancy returning to the hotel investment market.”