Laundy family buy Riverina pub
Laundy Hotels has picked up a Riverina pub from the family which established it in 1978.
The Ashmont Inn Hotel in Wagga Wagga set it back $13 million.
On 4995 square metres at 55 Tobruk Street, it contains a bar, bistro and gaming room with 20 electronic gambling machines.
Licensed to trade until midnight, the annual revenue was c$5m when it was listed August.
There is also a bottle shop and a tract permit-ready for an extension to the beer garden.
Laundy Hotels, managed by Stu Laundy, the son of 84 year old industry veteran, Arthur, holds an extensive metropolitan and regional pub portfolio.
Two months ago, it sold West Gosford’s Settler’s Tavern to Damian Kelly for triple the price it paid 10 years earlier (continues below).
HTL Property’s Andrew Jolliffe brokered the Ashmont Inn deal for the Mathot family.
The agent said it “speaks to the capacity of our strong regional centres in Australia to at first catch the interest of credible investor groups and then have the asset depth to absorb sophisticated capital”.
Colleague Blake Edwards added “buyers are increasingly prepared to underwrite long term fundamentals rather than short-term volatility”.
Sam Handy and Paddy Dalton also worked on the campaign.
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