Whitten and Prout have sold the freehold going concern of Gunnedah Hotel for an undisclosed amount, but will be staying on for a spell to operate the classic country pub.
Positioned on a 2,921sqm corner lot in the town’s high retail street, the Gunnedah is a large, two-storey structure with multiple bars, TAB, bistro and commercial kitchen, function room, gaming room with 12 PMEs, courtyard beer garden and 3am trading approval.
Upstairs are 28 refurbished accommodation rooms – ten with ensuites – finding high ongoing occupancy courtesy of the cashed-up, skilled workers coming to town for projects in the area.
At the rear of the property is around 1,200sqm of underutilised land, ideal for development (STCA).
Gunnedah is located 40 minutes from Tamworth, in one of the fastest growing agricultural centres in NSW – home to the annual AgQuip festival – and inspiration for Dorothea Mackellar’s famous poem My Country (aka I Love a Sunburnt Country).
Daniel Whitten owns the freehold and partners with Luke Prout for operations, at the Gunnedah and at the Tamworth Hotel.
The pair put the re-stapled opportunity to market in September, reporting around $55k weekly revenue and suggesting they were looking to the next challenge.
“It’s time to move on to the next project,” said Whitten.
However, purchasers on the property, said to be “Sydney-based publicans”, have negotiated a temporary sale-and-leaseback agreement apparently “to ensure minimal disruption” to the Hotel’s management as the new owners prepare for a handover.
The sale campaign was managed by JLL Hotel’s Kate MacDonald and Greg Jeloudev, who noted the quality of the asset.
“Gunnedah Hotel is possibly one of the best regional inspections of 2022, so it comes as no surprise that the campaign was hotly contested, and the pricing landed right within the guide,” says MacDonald.
“Our vendors should be extremely proud of what they have achieved in Gunnedah, and we look forward to the new owners taking the keys in due course.”
