As the exclusively appointed agents, JLL Hotels & Hospitality Group is delighted to offer to market a true jewel in the Central West hospitality crown, the Milestone Hotel in Dubbo. The Hotel is being sold on behalf of Harvest Hotels who are seeking growth opportunities in other larger format pubs.

The Milestone Hotel opportunity is underpinned by 29 gaming machine entitlements (GMEs) which is the highest count in Dubbo, one of regional NSW’s strongest locations. The hotel is currently ranked 379 for gaming profit in NSW which places it in the top 50 Country classified hotels in all of NSW. The average weekly revenues currently exceed $90,000 (ex GST) and primarily comprise of gaming, food and beverage sales. Notwithstanding the hotel’s impressive trading performance, there is substantial upside to be realised by improving the overall food and beverage offering, in particular by repositioning the main bar and dining areas.

Underpinning the business operation is a 920sqm corner site with impressive real estate metrics. The site has favourable E2 Commercial zoning which permits flexible use options and development potential (STCA). The hotel building comprises a ground level with single bar operation, as well as a commercial kitchen and popular West facing veranda area. The first and lower ground floor levels include function areas with various configurations enabling flexible group booking options. Of note, an expansive development scheme has also been created which provides a clear blueprint for an enhanced patron experience and overall offering (STCA) with new beer garden and designated patron parking.

Having acquired the Milestone Hotel in May 2021, development plans to further bolster business earnings were initiated by Harvest Hotels. However, rather than undertaking substantial capital works, the group successfully implemented varied operational changes which immediately improved the Hotel’s earnings profile. As such, the capital positioning of the hotel is now equivalent to what was originally expected post-renovation. Harvest is now looking to its next phase of strategic investment.

Harvest Hotels have exclusively appointed JLL’s Ben McDonald, Kate MacDonald and Greg Jeloudev to lead the campaign, with Mr Jeloudev noting; “The 2023 NSW hotel market has been substantially deprived of quality regional assets, particularly those with a GME count of 25+. We are expecting a hotly contested process with interest to be derived from private hoteliers, groups, syndicates, and high net worth individuals.”

Commenting on the sale, Harvest Hotels Director Chris Cornforth states, “Harvest continues to build a portfolio of large format pubs in high growth and resilient towns that have multiple and diverse revenue streams. The Milestone Hotel has been a key asset for Harvest as our business has grown, but it's time for us to pass this historic pub onto its next custodian who will continue to cement the pub’s position in the community.”

Located in the heart of the Central West, Dubbo is situated along the mighty Macquarie River in the geographical centre of NSW. This vibrant community is located just over 5 hours from Sydney and is the second largest inland city in NSW. The Dubbo Region is strategically located at the intersection of major routes for road, rail and air transport and services a wider region more than 200,000 people from across an area one-third the size of New South Wales.

The Milestone Hotel is offered for sale via Expressions of Interest closing at 12pm midday (AEDT) on Tuesday 21st of November 2023 (if not sold prior).