News is in that the Post Office Hotel of Forbes is for sale – as a freehold going concern or leasehold.
Built in 1864, the Post Office holds a 670sqm high-profile corner block on Lachlan Street. Forbes is a vibrant town of circa 8,500 people, around five hours’ drive west of Sydney.
At street level the Hotel comprises efficient single service public bar with seating, TAB room, gaming lounge with five machines, café/bistro seating, and large beer garden.
Upstairs are five guest rooms, shared facilities and a two-bedroom manager’s flat.
Sales literature cites weekly revenue of close to $30k across departments.
The gaming room is non-smoking, but sale comes with an approved DA for an outdoor gaming lounge, providing further potential and scope for growth.
Vendor on the sale is Matt Coleman, who has owned it since November 2016.
He is reportedly selling to concentrate on other business interests and spend more time raising his kids.
The freehold going concern is being offered for $2.7 million, or a lease is available to the right applicant, for $350k.
“While trade is improving, Matt has been juggling his time between the other interests and managing his young family, and the venue would benefit from a more hands-on operator,” suggests Manenti Quinlan’s Leonard Bongiovanni, marketing the asset with colleague Jeremy Cusack.
Less than half-way done, FY21 already looks set to be another record-breaking year for pub valuations, and opportunities in the entry-level market are thin on the ground.
“We expect the hotel to appeal to a buyer who can see the enormous potential and activate the DA, which we anticipate would drive the business to new heights.”
