STAFF WRITERS
MORWELL’S Top Pub has sold for $3.495 million.
The buyer is a Victorian-based investor with local business interests in the region who saw potential future value-add upside in the land and low-site coverage.
This marks the only single-tenanted AHL leased hotel to sell on-market within the last 18 months nationally.
The property is under a 25-year lease to ALH Group, owned by Endeavour Group, Australia’s largest hotel operator, with a market capitalisation of $7 billion.
Endeavour Group operates more than 1600 retail drink stores and 344 licensed hotels.
The lease runs until November 2028, with four 10-year options extending the term to 2068.
The triple net lease ensures that ALH Group is responsible for all outgoings, including land tax and structural maintenance.
With a net income of $173,235 per annum, plus GST, the property spans 1.82ha with 280 metres of frontage to both Princes Drive and Vincent Road, Morwell. It is zoned Commercial 1, with the hotel offering a full-line operation, including a public bar, bistro, TAB, gaming area, BWS drive-thru, and three-star motel.
Burgess Rawson’s Romanor Falconer and Raoul Holderhead, in partnership with Stockdale & Leggo’s Jim Demetrios, sold the Morwell Hotel (‘Top Pub’), reflecting a sharp yield of 4.96 per cent.
