One of Tamworth’s favourite watering holes has hit the market, with the vendor hedging bets on the future of the local landmark.
Tamworth has a population around 48,000, and is located mid-way between Sydney and Brisbane. It is home to the annual Tamworth Country Music Festival, which is reputed to be the second-largest in the world.
The Imperial Hotel – or “Impy” to the locals” – resides on a prominent corner of the regional hub town, opposite the train station on the Oxley Hwy.
The Hotel freehold and business are for sale separately or together, due to potential seen in the large, underdeveloped block. The Impy occupies a 2,311 m² site that offers up to 9,300 m² gross floor area (GFA) and boasts mixed-use development zoning that could see multi-level accommodation and mixed business.
“The Imperial Hotel site will appeal to a variety of buyers including private hotelier’s, commercial property investors and developers looking to capitalise on what is a significantly underutilised site, and having the ability to purchase the hotelier’s licence and ten poker machine entitlements separately if required,” replied CBRE’s Ben McDonald, who is marketing the Hotel in conjunction with colleague Xavier Rahme.
The vendor is Matthew Zell, who has been running the pub for nearly a decade but says favourable market conditions make the family’s move into an alternative investment even more attractive.
“We are thrilled to be taking the property to market at what we consider to be the perfect time. We have always considered the property to be a longer term development site given its specific attributes and premium positioning within the CBD.”
CBRE will market the Impy via an Expressions of Interest campaign, closing Tuesday 12 July, 2016.