The two-pub deal was facilitated by Xavier Plunkett of HTL Propertyand was pegged to a highly reputable buy mandate hotelier Jim Knox; which continues to increase its significant holdings in the greater New England region.
Inverell has a very strong rural economy and acts as a major service center for a huge rural watershed. The local economy is supported by a strong rural sector and greatly enhanced by the Bindaree Beef Slaughterhouse, which provides over 600 stable jobs to the township.
“The buyer was attracted by the strong local economy, the very favorable competitive environment with only 3 approved hotels operating for approximately 12,000 people; and proximity to its existing portfolio assets” suggested Xavier Plunkett of HTL.
“We are delighted to consistently deliver optimal results to our clients, whether based on mandates to sell or buy” Plunkett added.
The sales of the two pubs represent respectively the 15th and 16th hotels in the New England area sold by HTL Property and in recent times; with the specialized company’s transaction volume at approximately $100 million for the region over this period.
“Our hotel book for the Riverina topped $100 million last week, and the announcement of these two strategic acquisitions now brings HTL’s total sales in the New England area to $100 million. dollars as well,” advised National Director of HTL Property, Dan Dragicevich.
“This high level of activity in two important regional areas of New South Wales confirms our view that investors will continue to seek sub-metro locations for quality opportunities,” Dragicevich concluded.
Other major recent sales, all by HTL Property in the New England area, have included the Whitebull Hotel in Armidale for approximately $13.5 million; and the sale of the five pubs in the town of Moree to Jim Knox for around $28 million.