HTL Property has successful conducted the sale of the freehold component of the Loaded Dog Hotel in Tarago, NSW.
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The leased investment hotel was sold to a Sydney-based investor prior to the closing of the scheduled Expression of Interest campaign; which demonstrates the ferocity of interest in the asset class.
HTL Property's Blake Edwards and Sam Handy were the exclusively appointed agents.
Generating an annual passive income of $166,000 + GST, the hotel sold on a yield of 6.64 per cent.
The hotel is strategically situated within the township of Tarago, which lies in between the regional centres of Bungendore and Goulburn.
Featuring a bar, bistro, beer garden, gaming room and 11 accommodation rooms, the business is a very popular destination for bike riders and tourists alike.
Being the only pub in town, it also enjoys a strong following within the local community.
The campaign yielded multiple offers to purchase with the successful party proving both motivated and deliberate with regard its acquisition of the asset.
Mr Edwards expected this campaign to be competitive given the market appetite for leased hotel investments in NSW.
"In addition, interest was undoubtedly driven by the property representing one of the most financially efficient entry points an investor can enjoy" Edwards said.
The exiting freehold asset owners are Mark and Nicole Ryan, who have owned and operated the hotel for sixteen years prior to leasing the business to their long time managers Tim and Alanna Long.
The Longs will remain as the leaseholders.
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