An unlisted Sydney fund has paid $9.6 million for the Brady Railway Hotel at the NSW/Vic border town of Albury.
The deal will see vendors the Attwood family retire after a long career running hospitality venues in Central West and Riverina regions.
Brady’s incoming owner – Harvest Hotels – was represented by JLL’s Hotels and Hospitality’s Ben McDonald; the facility wasn’t for public sale.
Settlement is scheduled on December 1.
After that it will be business as usual but, according to Harvest co-directors Fraser Houghton and Chris Cornforth in this theshout.com.au item, some renovation could follow.
“Brady’s Railway Hotel is a large format regional asset that represents a unique tradition proposition in one of regional NSW’s strongest performing locations, Albury,” Mr McDonald said (story continues below).
“The acquisition further highlights the ongoing confidence in the pub market despite fluctuating economic conditions and underscores the demand for operating real estate assets in key growth markets.
Elsewhere in New South Wales, Harvest owns Tamworth’s recently renovated Court House Hotel and The Pig and Tinder Box restaurant – the latter which it is looking to offload after five years.
In February it sold the Yass Hotel for $3.7m – more than twice what it paid in 2017 before renovating.
That property sold within a week of being listed again by Mr McDonald and colleague Kate MacDonald – but when they were part of CBRE Hotels.