Unlisted pub fund Harvest Hotels is spending a speculated $15 million on Dubbo’s Milestone Hotel.
The purchaser already owns regional New South Wales venues including Albury’s Railway Hotel – acquired last October – and the Courthouse Hotel, at Tamworth.
Its latest asset, 175-179 Macquarie Street, at the south west corner of Bultje, was offloaded by private owners Joanne and Neville Blair.
Developed in 1881, it was fully restored by the vendor 16 years ago.
JLL Hotels & Hospitality Group’s Kate MacDonald, with Knight Frank’s Mike Wheatley brokered the purchase for Harvest.
The deal comes a month after new Canberra syndicate – Investment Management Group Hotels – snapped up Dubbo’s Castlereagh Hotel as part of a $75m portfolio.
The area is about a 400 kilometre drive west of Sydney (story continues below).
Harvest co-founder Fraser Haughton described the Dubbo asset as “a high-quality building” which “fits the mould for the type of pub we operate”.
It has flagged a medium-term redevelopment of vacant land.
“But most importantly right now we look forward to taking over the reins and adding our own touches,” the publican added.
Sydney based Harvest formed in 2006.
Chris Cornforth is the other co-founder.