Waugh, Raffens trade back NSW hotel
Following an unusual but not unheard of deal, a consortium led by Ashton Waugh has sold a regional New South Wales hotel back to the publicans it bought from, in 2018.
Stephen and Lauren Raffen are paying an as yet undisclosed sum to buy back the Family Hotel freehold going concern, in Bathurst.
The freehold, 76 Bentnick Street, previously exchanged for $3.075m
Mr Waugh added value increasing the number of electronic gambling machines from 12 to 22.
He also built another gaming room.
Return sale
With a bar, bistro and 12 guest suites, the Family Hotel traded off-market.
“We’ve experienced a few circumstances in the past where we have been fortunate to have both sold an asset on behalf of and then back to the same client,” HTL Property’s Blake Edwards said.
“The Bayfield family selling the Belrose Hotel to Redcape and then buying it back at a later date [2018] is one such example,” he added.
“So, whilst not common, this type of transaction accurately reflects the value we place in client relationships and the trusted advisor role we strive to perform” according to the executive.
Colleague Andrew Jolliffe said sentiment is improving care of the falling interest rate backdrop.
The official cash rate should circle three per cent by years’ end, he added.
The deal comes hot on the heels of Byron Bay’s Beach Hotel selling for $140m – the country’s second highest priced pub sale.
Also this week, Glenn Piper’s Epochal Hotels bought the Bermagui Beach Hotel and neighbouring Beachview Motel complex, for a speculated $20m.
Subscribe to our newsletter a the bottom of this page.
