Continuing what has been a remarkable run of regional Victorian pub sales, the fully leased, freehold interest in the Bulls Head Hotel, Wangaratta has sold. The character-enriched asset was handled exclusively by JLL Hotels & Hospitality Group’s Lachlan Persley and Will Connolly.

This historical building presents a fantastic opportunity for an investor to establish themselves in the busy tourist-filled town of Wangaratta, with the property benefiting from its prime location in the centre of Wangaratta’s commercial and retail precinct, which enjoys a high volume of vehicular and pedestrian traffic along Murphy Street.

The hotel occupies a commanding 583sqm site with significant street frontage of 15 metres to Murphy Street and comprises a public bar, refurbished dining area, large commercial kitchen, staff accommodation and function room with a large balcony overlooking the busy main street.

The asset was well received by investors, particularly from a local sense, with Lachlan Persley, Executive, JLL Hotels & Hospitality Group, commenting “Pleasingly, interest was fielded from investors from surrounding towns, with many being new entrants to this specialised investment space.

The asset was eventually secured by a private investor, based in the nearby town of Yarrawonga, at a healthy regional yield of circa 6.00%,” he added.

The sale of the Bulls Head Hotel is the fourth of what is a remarkable run of regional Victorian pub deals brokered by JLL Hotels, with the record-breaking sale of Warrnambool’s Whalers Hotel, two significant Bendigo pub sales in the Foundry Hotel and National Hotel Complex, along with the Bulls Head Hotel representing a combined transaction value of an incredible $40 million of regional pub sales.

Will Connolly, Senior Vice President, JLL Hotels & Hospitality Group, concluding “One of the more telling aspects of these recent transactions is that they cover each segment of our market, from leasehold interest and freehold going concern to a fully leased passive investment in the Bulls Head Hotel. This strongly signifies to our team that there remains a healthy variety of buyer profile, who may hold varying motivations to acquire, but share the same level of appetite”.

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