Harvest Hotels has snapped up another regional New South Wales asset, this time at Albury’s Lavington.
The Northside Hotel at 305 Urana Road, and a bottle shop across the street, is costing $16.2 million
The vendor, ex-Wallaby Matt Burke and his family, including brother, Brad, who played for Randwick and father, Peter, who represented Manly-Warringah, held the asset 16 years.
HTL Property’s Blake Edwards was the agent.
The deal comes 14 months since Harvest paid the Attwood family $9.6m for the Brady’s Railway Hotel in central Albury – about four kilometres away.
In July, the Bosse family sold the Springdale Heights Tavern, which like the Northside is in Lavington, for $22m to a consortium comprising the Laundy, O’Hara and Cruikshank families.
Members of that partnership also recently snapped up the Sportsmans and Duke of Kent hotels at Wagga Wagga, about 120km north of Albury.
Harvest grows portfolio
The Northside, also at the north west corner of Wagga and Waugh roads, rises two floors with a bar, bistro, beer garden and 12 accommodation suites.
With 24 electronic gambling machines, it offers a 3am liquor licence (story continues below).
Including the bottle shop, the asset covers 4696 square metres.
The property will be held in the recently launched Harvest Pub Fund 2 – an unlisted entity promising a nine per cent return which in late September raised $48m to acquire four regional NSW investments.
“The Northside Hotel marries well with our existing Albury assets in the form of Brady’s Railway Hotel,” Chris Cornforth, who founded Harvest with Fraser Haughton, said.
“Scalable assets such as Northside align perfectly with our investment criteria, and we will continue to add quality large format pubs in quality regional towns where we see opportunities for upside on a sustainable basis,” he added.
Two months ago, Harvest outlaid $32m for the historic Woy Woy Hotel on the NSW Central Coast.
In May, the group spent a speculated $15m for Dubbo’s Milestone Hotel.
“Sub metro hospitality transactions have seen the greatest increases of all sectors with the traditional pub and accommodation hotel asset channels,” HTL managing director Andrew Jolliffe said.
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