While retail has been up and down, there certainly has been a lot of movement in the sale of hotels in Goulburn recently.
The Southern Railway Hotel in Goulburn has sold for $3.6 million to the same syndicate that bought the nearby Empire Hotel in October, HTL Property.
- Read more: Goulburn's Empire Hotel sold
HTL Property's director Blake Edwards said both sales were fiercely contested and yielded a combined 12 offers to purchase.
"This is another welcomed example of being able to achieve a favourable outcome for an entry-level regional pub within a week of the campaign closing," Mr Edwards said.
"Accordingly, we have an active list of under bidders, and consequently strongly encourage any owners of similar assets to make contact with us prior to the year coming to a close."
Erected on the site in 1872, The Southern Railway Hotel is one of the town's oldest and most established watering holes.
Today it features a bar, bistro, nine gaming entitlements and provides 18 accommodation rooms.
"With a population of almost 30,000 people and only six pubs, Goulburn is widely considered to have some of the best macro investment fundamentals within regional NSW," Mr Edwards said.
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Meanwhile, Long-time owner and licensee Judy Bourne said she was pleased with the sale and is looking forward to doing some more travel.
"This hotel has been a part of our family's life for almost 34 years, but it's now time to do a bit more travel and spend some more time with the grandkids," she said.
Mrs Bourne has been the owner owner since 2003. She bought it in 1985.
Her son, Andy Bourne said he had no immediate plans to relocate and was happy to stay in Goulburn for the time being.
"We are out of pubs now," Mr Bourne said.
"The new owners will take over in January or February."
The Southern Railway Hotel was established in 1872 as Clifford's Hotel and was renamed the Railway Hotel in 1876.
It later was known as the Great Southern Railway Hotel before becoming the Coolavin Hotel, which is still etched on the top of the building's facade.
The hotel has an annual revenue of $2.37 million from its 18 accommodation rooms and downstairs bar and bistro.
The sale closely follows a selection of HTL Property's other recent and significant regional NSW transactions, including the Empire Hotel in Goulburn, the Bank Hotel (Maitland), Albion Hotel (Albury), Palm and Prawn Hotel (Wagga Wagga) and the Area Hotel (Griffith).
The Empire Hotel previously sold for $3.55 million to a Sydney resident earlier this month.
"The buyer is a new entrant to the hotel industry and plans to spend money on the Empire Hotel and significantly improve the offering," HTL Property's Blake Edwards said of that sale.
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