The thirst for regional Victorian pubs continues to show no sign of being quenched, with the recent sale of the Freehold Going Concern of the Whalers Hotel in Warrnambool transacting at what’s described as a ‘record-breaking’ sale price for a Warrnambool hotel. The sale was conducted exclusively off market by JLL Hotels’ Will Connolly and Lachlan Persley.

The successful sale continues the unprecedented two-year run of pub sales along Victoria’s south-west coast, with ‘The Whalers’ now contributing to $80 million in pub sales within the region, following notable transactions such as the Lorne Hotel, Wye Beach Hotel and Apollo Bay Hotel.

Positioned prominently in the heart of Warrnambool’s city centre, the hotel featured a broad range of trading zones, all recently refurbished to the highest standard, comprising a large family bistro, public bar with TAB, gaming room housing 34 electronic gaming machines along with the popular first floor entertainment venue ‘Highline’.

JLL Hotels’ Senior Vice President, Will Connolly commenting, “The sale of the Whalers Hotel provides further evidence that the demand in our regional Victorian pub market continues to intensify. Notwithstanding the economic challenges experienced over the course of 2023, we are pleased to report that Victorian pub assets with a balanced mix of revenue located in strong regional towns continue to be sought-after”.

Owned and operated by long-term family owners, the Whalers Hotel has been a favourite amongst both locals and tourists alike, heavily favoured by attendees of the town’s famous annual horse race week ‘The Warrnambool Cup’.

Acquired by prolific Victorian pub syndicate, Cook Beaumont & Partners, The Whalers was seen as a strategic move by the syndicate, who already hold a significant presence in the area, currently operating local venues such as Rafferty’s Tavern and the Flying Horse Hotel.

Lachlan Persley, Executive of JLL Hotels described the off market nature of the transaction, “The vendors had fielded numerous approaches by potential purchasers in previous years and certainly had no obvious desire to sell, so the eventual decision for them to transact was certainly no easy one.

“Our team were certainly pleased to have assisted in such a significant moment for the family and we also wish Cook Beaumont & Partners the very best in what is clearly a fantastic to addition to their local portfolio,” Persley concluded.

The sale of the Whalers Hotel is the first of a recent injection of transactional activity in the regional Victorian pub market, with JLL Hotels set to announce a further $25 million worth of pub sales in the regional town of Bendigo in the coming weeks, assuring what looks to be a strong finish to 2023.

Click here to view more articles of Australian Pubs and Taverns recently listed for sale and sold