Another Hunter Valley pub has ripened on the vine, finding itself sent to market by Geelong-based publican Zac O’Sullivan.
The imposing, two-storey Criterion Hotel was established 1925, on a large block in the centre of the John Street retail precinct through Singleton.
It features a bar, bistro, large outdoor beer garden, separate building for events and a gaming room with 14 EGMs, and reports strong average weekly revenue for the first half of FY2020.
Singleton is 200 kilometres north of Sydney, 78 from Newcastle, and home to more than 16,000 people (2016 Census). Industry centres around strong mining, military and infrastructure employment.
O’Sullivan, who lives in Geelong, Victoria, purchased the Hotel in 2015, operating it under management.
Looking to retire from his commitments in pubs, he’s divesting his interest through HTL Property’s Blake Edwards and Xavier Plunkett.
The Hunter region has proven fertile ground in pub real estate in the past year, finding multiple sales in the area including Arthur Laundy’s purchase of the Bank Hotel in Maitland.
Opportunities in operational upside and greater flexibility in the movement of gaming machines continues to put pressure on prices and bring more vendors to the table. Industry sources suggest the Criterion should see sale price in the vicinity of $4 million.
“After almost a decade of year-on-year growth in the NSW Hotel Industry, we are in a situation where a broad contingent of well-capitalised pub groups are competing for a dwindling supply of regional hotel opportunities,” offers Edwards.
The freehold going concern of the Criterion Hotel Singleton is being sold by Expression of Interest, closing Wednesday, 18 March.
