Up-and-coming hoteliers Brendan Tracey and Lyndall Hutchinson have secured the deeds to their beloved Soden’s Hotel in Albury, amid strong competition.
The popular pub sold via onsite auction on Friday, the hammer falling at $5.45 million.
The two-storey Hotel occupies a large 3,152sqm corner block on Wilson Street and dates back to 1857.
It saw a major renovation in excess of $3 million in 2011, refreshing the pub including star attraction the Stable Bar, named in honour of the many thoroughbreds stabled at the Hotel, including 15 Melbourne Cup winners and the legendary Phar Lap in 1930.
There is also modern family dining, several private and semi-private function spaces, gaming room with 16 EGMs and ample on-site parking.
The site also holds attractive planning overlays, with B4 Mixed Use zoning, 35-metre height limit and 3:1 FSR.
In 2018, receivers were appointed when owners J&L Angius went into receivership.
In July of that year husband and wife team Tracey and Hutchinson purchased the leasehold operation from the exiting AVC, with 19 years remaining.
Albury is a strong regional ‘Evocity’ with population of more than 54,000 people.
For the past nearly three years the couple have dreamed of picking up the title of their business. Tracey emanates from a background in construction, and Hutchinson is related to a former part-owner of Soden’s.
On Friday, 14 May, an auction was held onsite on behalf of receivers FerrierSilvia, conducted by agents Manenti Quinlan & Associates and Doug May Real Estate.
Acting as auctioneer, May started the bidding at $4 million, and after some quick bids announced reserve had been met at $5.4 million.
Strong regional NSW assets have been getting unprecedented attention, particularly post-COVID, and Tracey and Hutchinson competed with several other bidders to take the day.
“The auction was hotly contested, however it was pleasing to see the lessee successful, particularly after years of working and nurturing the business,” offered selling agent Len Bongiovanni, of Manenti Quinlan.
