Sale of Ophir Tavern in Orange Sets New Record
SYDNEY, Australia, October 20, 2005. The largest inland country pub sale on record has just been concluded by Jones Lang LaSalle Hotels. The Ophir Tavern in Orange has sold to the EBC Hotel and Leisure Fund, managed by Edward Baillie Capital. Jones Lang LaSalle Hotels' Mr Tony Bargwanna and Mr Joel Fisher sold the Tavern for the record price of approximately $6.6 million on behalf of long time owners Mr Neil Musgrave and Mr David Atwood.
Situated in a strategic position on 9,200m2 of prime commercial land near the Great Western Hwy, the large Tavern features a drive through bottle shop, TAB, midnight trading licence, 18 gaming machine entitlements, island bar operation, function room, restaurant and a popular bistro. "With a long term view on the asset for their Hotel and Leisure fund, it is the incoming owner's first foray into the NSW pub investment market," said Mr Tony Bargwanna, Senior Vice President, Jones Lang LaSalle Hotels.
The Tavern was marketed on an off-market basis. "The new owners were not only attracted by the strong cash flow being generated but also the potential offered by the substantial land play," said Mr Joel Fisher, Senior Manager, Jones Lang LaSalle Hotels. Located in East Orange amongst an ever expanding business centre, the property is the only tavern on the eastern side of the railway tracks and enjoys a huge exclusive catchment area.
Opportunities to acquire substantial regional freehold hotels of this calibre are rare. "Strong demand for inland country pubs in New South Wales is continuing," said Mr Bargwanna. Mr Fisher added, "Savvy pub investors are considering higher yielding assets outside of Sydney where they can still purchase at yields of 14-15%." Yields in Sydney are currently in the range of around 10-11%.
"The keen interest in pubs in centres such as Dubbo, Orange, Bathurst, Tamworth and Wagga Wagga typifies the mood of investors looking to generate strong returns on their investment," said Mr Fisher.
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