Jim Knox has acquired a trio of Moree pubs.
The portfolio, speculated to be worth c$12 million, includes the Post Office Hotel freehold going concern and freehold passive interest in the Victoria Hotel; these venue each carry 15 electronic gambling machine entitlements.
The deal also buys freehold vacant possession control of the Moree Hotel.
HTL Property Investments’ Xavier Plunkett brokered the deal for Sally Mishell and Gina Benson who will now retire.
Moree is about 480 kilometres south west of Brisbane.
Confident despite geographic challenges: buyer
The pub purchases come two months since Mr Knox snapped up the Royal Hotel Moree for a speculated $7m.
“There are no doubt geographical challenges with Moree and that perhaps make it a little less competitive with the larger hotel groups on the buy side,” the publican and guyra grazier said (story continues below).
“However, we are confident with our strategy, [acquiring] the suite of…assets on a yield acceptable to us for the locality,” according to the investor.
Mr Plunkett added the region has benefited from “the breaking of an historically long drought, the trickle down effect of a 10-year high cotton price and the enormous infrastructure spend and blue collar employment opportunities resulting from the federal government’s $15 billion Inland Rail Project”.
Ms Mishell and Ms Benson have owned the Victoria Hotel at 337 Gosport Street for over a decade.
They acquired the Post Office Hotel at 33 Frome St, which recently underwent an $850,000 refurbishment, late last year.
Elsewhere in New England, in July, Mr Knox paid $13.25m for Armidale’s Whitebull Hotel.
Two months ago the hotelier spent a speculated $3m on the Thunderbolt Inn, at Uralla, on the Northern Tablelands.
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