Tim Fallon’s newly-formed Lancer Group has fended off the competition to expand locally with acquisition of Gundagai’s Criterion Hotel.
Gundagai is an iconic regional town, around halfway between Melbourne and Sydney, and home to the famous ‘Dog on the Tuckerbox’ statue.
The Criterion is a striking, multi-level red brick building with Art Deco features, offering a public bar adorned with original murals depicting bushrangers and the 1852 flood through the pub, a sports bar with the only TAB in town, a big all-weather deck, and gaming room with 10 machines, under a 3am licence.
Coming to market last April, soon before the second extended lockdown across NSW, the mixed business reports average weekly revenue of around $60k.
Fallon, who owns the freehold of Mosman’s Buena Vista Hotel, operated by Tilley & Wills, is said to have paid $6 million for the Gundagai freehold going concern – outbidding two other serious suitors.
The result was a sale price more than a million dollars over expectation for the Hindmarsh family, who have owned it since mid-2000.
“The pub has been a wonderful experience from the beginning, but the time is right to let it go now and allow someone else to take it forward into the next 20 years,” offered David Hindmarsh.
For Lancer, this represents reinvestment in the area, following its acquisition of the Royal Hotel at Tumut, in January last year.
“We are excited to include the Criterion into our portfolio and look forward to continuing the great work of David and Jedda in providing the locals and visitors to Gundagai with a consistent and vibrant community venue,” says Fallon.
The sale was managed by JLL Hotel’s Kate MacDonald and Greg Jeloudev.
