Syndicate spends $22m on another Riverina pub
A syndicate comprising Laundy Hotels and publicans Sam Cruikshank and Sean O’Hara has purchased its third Riverina pub this year.
The $22 million deal for the Springdale Heights Tavern at 330 Kaitlers Road, Lavington (Albury) was reported locally in May.
HTL Property’s Blake Edwards represented the vendor, Graeme Boss, who held it for 25 years.
Last week, JLL’s John Musca, Ben McDonald and Andrew Langsford sold adjoining Byron Bay hotels to Melbourne investors for a total of $80m.
Both campaigns were invitation-only, off market.
Springdale makes three for the year
In March, the Cruikshank, O’Hara and Laundy consortium paid the Stratton family a speculated price of over $5m for Wagga Wagga’s Sportsmen’s Club Hotel.
Two months the partnership spent c$3.5m for the precinct’s Duke of Kent.
The investors also hold the region’s Turvey Park Hotel (story continues below).
On 1.2 hectares – part of which is undeveloped – Springdale Heights Tavern includes a bottle shop and pub with 20 electronic gambling machines.
“Albury, like Wagga Wagga, and other similar regional centres, enjoys critical population mass as well as diversified economic inputs from a range of agribusiness and other commercial industry activities,” Mr Edwards said.
Nine months ago, the Attwood family banked $9.6m selling the Brady Railway Hotel to Harvest Hotels.
Mr McDonald was again that agent.
In May, JLL sold the same buyer (Harvest) Dubbo’s Milestone Hotel for a speculated $15m.
Two weeks ago Wollongong’s Five Island Hotel traded for $20.7m to Paddy Coughlan’s Ludlow Group.
Mr Musca, with colleague Kate MacDonald, brokered that deal for Oscars Hotels.
Subscribe to our newsletter at the bottom of this page.
