Mt Panorama's Bathurst Goldfields accommodation and event centre has sold for $7.9 million just before the premier V8 Supercars event in Australia.

Bathurst Goldfields is an accommodation, education centre and functions business set on 11 hectares of freehold bushland on the slopes of Bathurst’s Mt Panorama.

The new owners, Peter and Theresa Coyle, settled on the property ahead of the start of one of Australia’s biggest motor sports events, the Bathurst 1000, which begins on Thursday (October 10).

“People said we were crazy to take this on with the Bathurst 1000 starting next week but we think it’s the perfect time,” Mr Coyle said.

“I know it’s going to be super busy but it should also be a lot of fun and it will really give us a feel for what it’s like around here at full capacity,” he said.

The new owners are from Bundaberg and have extensive business experience having owned a service station for 17 years and a local supermarket for the past 14 years.

The Bathurst Goldfields was sold by private treaty exclusively by ResortBrokers on behalf of Debbie Campbell and included the large land holding and all the buildings and associated businesses on the prime site.

“The location is certainly special, but it’s the scale of this business which is truly impressive,” said ResortBrokers chairman Ian Crooks.

“The current operators have been in the business for five years and developed a property which is unique and offers multiple income streams through onsite businesses which are fully integrated,” Mr Crooks said.

“They’ve especially driven the functions side of the business, with a new facility being developed, and the Coyles have a great opportunity to take this to the next level and there is so much development potential as well,” he said.

Along with its prime Mt Panorama location, the heritage-inspired property has a wide range of accommodation for up to 300 people, extensive conference, wedding and function venues and amenities, commercial catering facilities, a fully-licensed bar, accredited educational programs, tours and a souvenir shop.

At the heart of the education programs is a replica 1850s Goldfields Village which brings in 22,000 students each year to take part in an authentic gold rush experience.

Visiting school groups learn what is was like to live in the period with the opportunity to participate in activities including gold panning and damper making and the village includes a museum, a blacksmith’s shop, steam shed, gold panning ponds and a replica wooden village.

While motor racing events are significant revenue drivers, Bathurst Goldfields has also been developed as a school excursion destination where school groups learn about  the rich history of Australia’s oldest inland settlement.

It’s also a popular venue for conferences, weddings and celebrations, supported by the onsite accommodation. To meet demand, an additional $1.5 million facility to boost function capacity to 600 guests is being developed, with pre-bookings in place.

The accommodations include a modern 20 room motel, three self-contained cabins, five lodges providing dormitory accommodation and a fully renovated six bedroom, four bathroom manager’s residence.

There’s a dining hall which seats 200 people, an auditorium which also takes up to 200, a heritage barn wedding venue with multiple outdoor locations, a gold mining museum and a separate building housing reception, office and shop.

“While the property has carved an enviable reputation and record, especially in the niche education-related sector, there is clear scope to appeal to a broader, more diverse market, adding new income drivers,” Mr Crooks said.

“Clear growth opportunities existing to diversify and grow the accommodation, tourism and F&B components of the business.”

For more information about the Bathurst Goldfields sale or to discuss the curent hotel market phone or email Ian Crooks, Russell Rogers and Nathan Eades from Resort Brokers Australia via the contact details below.

Source: Resort Brokers Australia

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