For Sale $9,850,000

Wicklow Hotel | Long established and popular hotel located on a large corner allotment in Armidale’s Central Business District

PRICE
For Sale $9,850,000
SIZE 1,870 sqm

85 Marsh Street, ARMIDALE NSW 2350

Property Features
  • Land is 1,870 m²

LAWD is delighted to offer for sale the Freehold Going Concern Interest in the Wicklow Hotel in Armidale, along with its associated retail tenancies.

Set on a very large footprint in the Central Business Precinct of this thriving town, it represents a rare opportunity to mix the strong active revenue streams of the hotel with the passive rental income care of its stable tenant base.
Originally known as the Armidale Hotel, it is the New England’s oldest licenced establishment.
For those who know the town well, including the huge number of university students that have frequented the Wicklow – it holds a special place in the vibrant Armidale pub landscape. Its current scale surprises those who knew it pre-renovation, as its multiple function and al fresco areas carry a rare scale, even in a country where “country pubs” are free to sprawl on large allotments.
Where the hotel has previously been offered for sale on a passive basis, the decision to market it as a freehold going concern in this campaign opens up the various revenue streams of the operating hotel itself. Under-pinning the value is the hotel’s extremely valuable 15 poker machine entitlements (PMEs). Previously attached to a lease for the hotel, a new owner now has the option to upgrade the gaming offering to maximise direct returns or to re-position them across other venues in their portfolio.
A full Wicklow Hotel has proven potential in generating excellent food and beverage revenues. There is an incredible platform for an astute operator to build on the loyalty of its clientele while a decent percentage of base-line costs are under-written by the rent accrued via its tenants.
Similarly, should a new owner have limited interest in hotel operation and see merit in re-positioning one level (or more) of the site into more commercial suites, the intrinsic value in the potential separate sale of the 15 PMEs will mitigate well over half of the impost of the initial outlay.

Key Investment Highlights:

• Long established and popular hotel located on a large corner allotment (1,870sqm*) in Armidale’s Central Business District
• Significant two-storey brick building comprising the operating hotel and fully fitted out retail spaces
• $107,632* in passive rental spread across five high-quality diversified tenants
• Potential for increase in rental income through activation of existing vacant retail space – ready to be marketed
• Huge intrinsic value with 15 Armidale LGA (Band 2) Poker Machine Entitlements with current value (in situ) of $8.25M and the opportunity to sell blocks or move machines (with forfeiture) to other appropriately licenced enterprises
• Huge Hotel floor space offering the scale for huge food and beverage numbers catering for large functions / festivals / swollen patronage due to regional events
• The Hotel is set over two very large floors:
• The ground floor boasting a very large public bar with multiple seating areas serviced by a well-appointed bistro and commercial kitchen. A separate bar services the dining area. The gaming room is also on the ground level, as is a large
courtyard which flows off the larger bistro space. There is an entertainment area for younger children safely tucked in an enclosed room at the front of the hotel
• The upstairs offering comprises two massive function spaces, each with their own dedicated service bars. There is also a separate board-room / private dining room space which is regularly booked out due to its central location. Access to the
rooftop bar on the same level is easy via a separate stairway from the ground floor courtyard

The LAWD team is ready to facilitate inspections at short notice.

For further information, please contact the exclusive agents.

Nick Butler | 0458 672 643
Michael Corcoran | 0417 657 589
George Berry | 0438 081 736

*Approx

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Agents

Nick Butler
+61 458 672 643
Michael Corcoran
+61 417 657 589
CONTACT AGENT

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