South Australia's Hotel Victor sold to consortium for $9.3 million
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South Australia's Hotel Victor sold to consortium for $9.3 million
A consortium of owners from the Corio Hotel in Goolwa have bought the nearby Hotel Victor in Victor Harbor in a deal negotiated by JLL Vice President of Investment Sales Will Connolly.
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JLL Hotels and HospitalityAn aerial view of the Hotel Victor.
A hotel sale 30 years in the making has been finalised in South Australia's Victor Harbour, with a consortium of owners from the Corio Hotel in Goolwa buying the nearby Hotel Victor as a freehold concern for $9.3 million.
The 3.5 star hotel features 33 guest rooms (all en-suited), a large public bar, restaurant/bistro, gaming lounge with 34 gaming machines with a permit for 40. It has a large conference/function facility and separate three-lane/drive-through bottle shop.
It's the first time in three decades the hotel has been put up for sale by the Virgin family.
At a glance:
- Hotel Victor in South Australia has been sold as a freehold concern to a consortium of owners for $9.3 million.
- It's the first time the hotel has been put up for sale in 30 years.
- The deal was brokered by JLL Vice President of Investment Sales, Will Connolly.
The new owners won’t have far to travel with the Corio Hotel just 20 kilometres away.
Selling agent and JLL Vice President of Investment Sales, Will Connolly, told WILLIAMS MEDIA the potential to redevelop the nearly 4,500 square metre site had generated interest from not only hoteliers but also property land bankers.
“The landscape is changing," he said.
"Pubs are often located in prime spots – the beach front, in the CBD, and often corner blocks as well.
The Hotel Victor Cafe. Source: JLL Hotels and Hospitality.
“The Hotel Victor attracted a diverse range of buyer profiles brought on by the hotel being in such a great location close to the beach.
“As is our normal process, we work closely with a national commercial metropolitan investment platform to ensure all markets are canvassed to optimise the sale.”
Mr Connolly cited the Harbour View Hotel in Sydney’s The Rocks, which JLL sold in the middle of last year to first-time buyer Dominic Barba, as another example.
"It is in such an amazing position, already has great holding incomes as well as potential future alternative uses," he said.
"Dominic sees the potential in the site and because he doesn’t come from a traditional hotelier background he looks at the site differently.”
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