Bendigo cornerstone the Foundry Hotel is the latest in a series of regional Victorian pub deals, and a positive sign for the state’s gaming hotel market.
The Kuchel family have been dug in operating The Foundry for the past 33 years, and in recent times have done extensive work on the venue, bringing the addition of cocktail bar ‘Miss Molly’s’ in 2021.
Located on Bendigo’s busy High Street, it commands a 2,972sqm corner position, providing popular sports bar ‘Mister Bobs’, a large gaming lounge with 25 machines, 200-seat bistro, popular function space ‘The Zinc Room’ and an abundance of onsite patron car parking. The big pub boasts capacity of 744 pax and a 1am general liquor licence.
After decades at the helm, the family put the business to market earlier this year, offering a new ten-year lease plus options.
But it has been announced the freehold going concern has been snapped up by Victorian operators Mercury Group.
“The Foundry Hotel has been an incredible business for our family, and whilst it is sad to move on, we’re extremely proud of the platform we have left for the team at Mercury Group and wish them the very best of success,” says Mike Kuchel.
The sale campaign was through JLL Hotels’ Will Connolly in conjunction with Rohan Pertzel of CRE Brokers, who report it attracted a balanced mix of potential buyers and has capped three transactions in town worth a combined $38 million, following the Whaler’s and ‘Nash’ hotels.
“Much like NSW and QLD, the Victorian gaming hotel market is a ferociously competitive one, with opportunities quickly secured when offered, especially those of such a high calibre like The Foundry,” says Connolly.
