The newly formed Lancer Group has paid $6 million for Gundagai’s Criterion Hotel.
Directed by Tim Fallon, who owns Mosman’s Buena Vista hotel freehold, the investor and operator outbid two other suitors for the freehold going concern.
The vendor, David Hindmarsh, acquired the double storey art deco pub 20 years ago to operate.
It first hit the market last April, before Sydney’s lengthy second lockdown.
“The pub has been a wonderful experience from the beginning, but the tie is right to let it go now and allow someone else to take it forward into the next 20 years,” the publican said.
For Lancer, the group is a reinvestment in the area – it acquired the Royal Hotel at Tumut, about 35 kilometres south of the Criterion, last year.
On 2500 square metres at 172 Sheridan Street, on the south west corner of Byron, beside a park abutting the Murrumbidgee River, the property is licensed until 3am to the boundary (story continues below).
It derives its c$60,000 average weekly income from food and beverage, 14 guest suites and a gaming room with 10 electronic gambling machines.
It is the only pub in town with either TAB facilities or a drive-thru bottle shop, JLL’s Kate MacDonald, who sold the property with Greg Jeloudev, said.
The result was more than a million dollars over expectation, according to the executive.
“We are excited to include the Criterion into our portfolio and look forward to continuing the great work of [operators] David and Jedda in providing the locals and visitors to Gundagai with a consistent and vibrant community venue,” Mr Fallon added.
Gundagai is 95km west of Canberra or 160km to drive.
The town centre is about c10km south of the Dog on a Tuckerbox monument and local tourist attraction.
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