Goulburn’s elegant Southern Railway Hotel has sold to an unnamed, up-and-coming hotelier – just weeks after they secured the freehold and lease of the town’s Empire Hotel.
The Southern Railway was built 1872 on sizeable 1,531sqm lot as the Coolavin Hotel, directly across from Goulburn train station and adjacent to what is now a Woolworths and Aldi-anchored shopping centre.
Judith Bourne bought the freehold in 1985, later taking over operations too, in 2003. After a decade and a half tending bar, she listed it in October through HTL Property’s Sam Handy and Blake Edwards, looking for around $2.6 million.
Agents report both Goulburn sales campaigns yielded strong interest, and a combined twelve offers to purchase.
But a serial buyer has emerged victorious, in a clear play to leverage potential in the pubs, located just a few blocks apart in Goulburn’s retail and commercial centre.
The Empire purchaser was revealed to be a “first-time Sydney-based buyer” who now counts two well-established businesses in a town with some of the best regional macro- investment fundamentals in the State.
The Southern is understood to have sold at market guidance, bringing over 3,000sqm of pub and 24 gaming machines under one new banner for circa $6 million.
“This hotel has been a part of our family’s life for almost 34 years, but it’s now time to do a bit more travel and spend some more time with the grand kids,” offered long-time owner and licensee Judith Bourne, clearly pleased with the result.
“This is another welcomed example of being able to achieve a favourable outcome for an entry-level regional pub within a week of the campaign closing,” advised HTL director Blake Edwards, who offers they have “an active list of underbidders” eager to consider future opportunities in the region.
