Tom Porter will retire from hospitality after selling the Moss Vale Hotel after nearly 35 years.
The freehold going concern is speculated to have achieved about $16 million – the guide.
The buyer is a Sydney based publican intending to move to the area.
HTL Property’s Blake Edwards and Sam Handy marketed the property – the first Southern Highlands pub to hit the market since 2016.
“We fielded…interest…from Sydney, Canberra, Queanbeyan, Wollongong and Goulburn, which again underscores the fact that demand is still prominently outstripping supply for quality assets such as this one,” Mr Edwards said.
Mr Porter said he intends to spend more time traveling.
“A lot of blood, sweat and tears goes into owning and operating a hotel for this length of time,” he added.
“Accordingly there are countless happy moments and memories attached to this place for my family, however it’s time for us to pass the torch onto someone else and we’re delighted that that person is a successful hotelier,” according to the executive.
The sale comes after two years of successive demand for hotel assets, despite recent interest rate rises (story continues below).
“With only two pubs in the Moss Vale catchment and close to 10,000 residents, the Moss Vale Hotel presents with compelling macro investment fundamentals for hoteliers looking for safe and secure businesses with compelling upside levers,” Mr Edwards said, upon listing the site in June.
More than 5000 residents are forecast to move into the area over the next five years, he added, as part of the Auyuan International Ashbourne Precinct land release – the first stage of which is due for completion this year.
Moss Vale Hotel
On 1521 square metres, the renovated c1850 the Moss Vale Hotel was the town’s first licensed venue.
Later renamed the Terminus Hotel, Royal and the Pink Pub, it is opposite the Moss Vale train station, at the centre of a retail and commercial precinct, abutting a council car park.
The business generates c$5.2m per annum from food, bar and retail liquor – it is licensed to serve until midnight.
There are 15 electronic gambling machines as well, and 12 guest rooms which could generate an immediate income.
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