After seven decades and three generations, the Leary family has sold its Shamrock Hotel in Temora to another in the convoy of Sydney-based publicans.
Built on a 1,242sqm block on the main road through Temora, around 400 kilometres west of Sydney, the sizeable Shamrock offers a public bar, large all-weather beer garden, commercial kitchen, gaming room with nine PMEs, 11 pub-style accommodation rooms and seven ensuited motel rooms.
It has been owned since the middle of last century by the Leary family, which ran the day-to-day for many years through subsequent sons before leasing out the operation in 1990.
With the tenant looking to vacate and ownership across a half-dozen descendants, the Leary’s decided to list the property.
“I have five siblings … it’s just time to sell,” explained Rob Leary.
Reporting annual revenue north of $600k, the private treaty sale of the freehold going concern through HTL Property’s Xavier Plunkett and Blake Edwards was projected to fetch close to $2 million.
The asset has now been acquired by an unnamed Sydney publican, who plans to re-lease the property to a local operator while making greater use of the gaming entitlements by way of an internal company transfer.
“The current strength of the regional hotel market and the underlying value in gaming entitlements dictates that it is an opportune time for vendors in country markets,” suggests Plunkett, lead agent for the sale.
“Capital values and sales volumes are increasing regionally, and with the prospect of further interest rate cuts and an increasing scarcity of poker machine entitlements we anticipate the trend to continue.”
Despite close to 40 per cent of the Hotel’s revenue coming through gaming, and being one of only two pubs in the region with gaming, the regulation changes around ownership see greater opportunity elsewhere.
“We are witnessing a spate of metro hoteliers looking to acquire under-capitalized country hotels, and in doing so optimise value through the newly permissible leasing scheme arrangement for gaming entitlements,” furthers Edwards.
