In another positive sign for Victoria’s regional gaming hotel market, the freehold going concern interest in Bendigo’s Foundry Hotel on behalf of long term family owners of 33 years The transaction was conducted exclusively via a targeted off market process by JLL Hotels & Hospitality Group’s Will Connolly in conjunction with Rohan Pertzel of CRE Brokers.

The sale of the Foundry Hotel is the latest in a recent surge of three regional Victorian pub deals, representing a combined transaction value of an incredible $38m of regional pub sales.

Meticulously renovated throughout by proud long-term owners the Kuchel family, key features included a 200-seat bistro, popular sports bar ‘Mister Bobs’, a large gaming lounge housing 25 electronic gaming machines, along with the recent addition of cocktail bar ‘Miss Molly’s’, proving hugely popular since its opening in late 2021. The property encompassed an expansive 2,972sqm position with an abundance of on-site patron car parking. With its size and scope came a healthy patron capacity of 744, complemented by a 1am ‘General’ liquor licence.

Will Connolly, Senior Vice President, JLL Hotels & Hospitality Group commented that the extremely well-presented venue attracted a balanced mix of buyer profile. “Much like NSW and QLD, the Victorian gaming hotel market is a ferociously competitive one, with opportunities quickly secured when offered, especially those of such a high calibre like The Foundry”, said Connolly.

Given there was little to no capex required and the venue provided such a well-established sense of good will, The Foundry received interest from a broad range of operators from both Victoria and interstate, as well as new entrants to the market, which in itself was pleasing”, he concluded.

Whilst the decision to sell has been an emotional process for the Kuchel family, they are now excited to turn the page on a new chapter for their long-held hotel and look forward to ushering in the hotel’s latest custodian Mercury Group. Mike Kuchel commented, “The Foundry Hotel has been an incredible business for our family, and whilst it is sad to move on, we’re extremely proud of the platform we have left for the team at Mercury Group and wish them the very best of success.”

Rohan Pertzel of CRE Brokers, concluding “It has been a pleasure in representing such a well-respected Bendigo family in the Kuchels and delivering them the result they deserve after an incredible 33-year tenure. On behalf of CRE Brokers and JLL Hotels, we thank all involved and wish both parties future success”.

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