Expanding hotelier Dominic Roche has swooped on the historic Exchange Hotel of Kyogle, in further demonstration of the strength of the regional market.
Kyogle is within the northern rivers region, around 80 kilometres due west of Byron Bay.
The Inter-war-style Hotel is a commanding brick building on a corner of Summerland Way, the main drag through town. It offers a popular public bar, bistro, well-equipped commercial kitchen, dining room, function room, expansive beer garden, gaming with nine machines, and 20 pub-stay accommodation rooms. The business also holds three retail tenancies on separate titles.
June Greenaway and her late husband Bill took on a lease from Tooth and Co in 1978, going on to purchase the freehold in 1990.
The family opted for an on-market EOI campaign, but the pub was offered to a number of key buyers prior to any formal marketing commencing, finding a result that reportedly exceeded the vendor’s expectations, while providing minimum disruption to the business.
Dominic Roche, of the rich-lister Roche family, bought the asset for an undisclosed sum.
“Given the current market depth and HTL’s fertile and active buyer universe, a prompt off-market sale proved the optimum outcome for our client from both a logistical and price optimisation standpoint,” offered HTL Property’s Xavier Plunkett, who managed the campaign.
Agents proffer the swift transaction is indicative of the unwavering strength of the regional pub market, which has led to Roche buying his third asset in a month, following the Royal Hotel Armidale and Thunderbolt Inn in Urala, both acquired in August.
