Laundy syndicate buys Upper Hunter hotel
The Imperial Hotel Singleton in the Upper Hunter has sold to a syndicate of publicans including Arthur Laundy, Craig Laundy and Nicholas Quinn.
The $20 million deal for the freehold going concern was with developer and hotelier Ken McCourt who held four years.
He paid $18.5m.
That seller, the Murphy brothers, acquired it for $3.3m in 2019 before undertaking a swank refurbishment and adding eight electronic gambling machines.
Development upside
On c3000 square metres in Singleton’s main retail strip, the Imperial at 183-185 John Street has a 3am liquor licence.
A gaming room has 23 EGMS.
There are also 14 accommodation suites on the first floor (two were added as part of the Murphy renovation).
The offering includes two retail buildings, 173 and 175 John St, on an additional c522 sqm, permit-ready for a bottle shop.
All properties abut a car park (continues below).
“We’re seeing increasing competition for hotels that, put simply, are becoming very difficult to replicate,” JLL’s Kate MacDonald, who brokered the deal with Greg Jeloudev and Edward Browne, said.
“Opportunities of this scale are harder to access, underpinning pricing and driving depth of demand,” she added.
“The hotel generates strong weekly trade across gaming, food and beverage and accommodation, with further upside through refurbishment and operational improvements, including a potential bottle shop,” according to the executive.
Singleton is about 70 kilometres north west of Newcastle. It is 200km north of Sydney.
“Assets in regions such as the Upper Hunter continue to benefit from stable demand drivers including mining, agriculture and infrastructure investment,” Mr Jeloudev said.
“That economic base, combined with strong in-place income, is attracting investors seeking long-term performance,” he added.
The deal comes four months since Mr McCourt sold Lismore’s Gollan Hotel for a speculated $3m – an 18 pc yield.
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