Narrabri’s Namoi Hotel has an ambitious new owner with big plans and local appreciation.
The pub was built 1914 as the Hotel Lloyd, holding a big 2,893sqm lot on main drag Maitland Street.
Narrabri is a town of nearly 13k residents founded in 1860, roughly central to both Sydney, 521 kilometres south-east, and Brisbane, 575 kilometres to the north-east.
For the better part of two decades the pub was the life and love of Wendy and Vince Weakley, who purchased it in 2005, but a couple of years ago the couple sold up to Tim Ireson and Ben Cochrane.
The Hotel offers patrons a public bar, commercial kitchen and bistro, gaming room with nine machines (Band 2), drive-through bottleshop, and a 24-hour licence. It is reporting annual revenues of circa $5 million.
In the past couple of years there have been a string of major transactions in the wider New England region, and over $140 million in hotel assets changed hands.
Citing geographical constraints and a need to focus on assets closer to home, Ireson, Cochrane and partners determined to undergo an off-market sale.
“The divestment represents good business sense for my partners,” says Ireson.
“It was a hard decision to sell. We loved this pub, our staff and patrons.
“Narrabri is a great town with a lot going for it.”
The freehold going concern has sold for $8.5 million, representing a significant premium to the purchase price, and Ireson adds they will do “everything we can to accommodate” a smooth handover.
The undisclosed buyer, sources suggest is a businessman from the region and newcomer to the industry, reportedly has plans for renovations and improvements but is appreciative of the strong following the Namoi has long enjoyed.
Agents note the deal highlights the continued resilience of the regional pub market, particularly in strong economies.
“This sale reinforces to us that yields on regional freehold going concern hotels remains robust, and the acute supply shortage of quality stock is continuing well into 2023,” responded HTL Property’s Blake Edwards, who brokered the asset with colleague Xavier Plunkett.
