WODONGA’S Blazing Stump Hotel has been sold for $6 million in a sale and lease back deal with its previous owner.
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The deal was confirmed this week by agents, CBRE, which kicked off the sale late last year with the pub freehold sold to an Albury-based investor looking to expand their property portfolio.
Cooke-Beaumont Partners bought the Blazing Stump from the Perry family around 2010, but have entered into a long-term lease deal for more than 30 years with the new owner with annual rental commencing at $406,000.
CBRE Hotel’s Scott Callow said the well-established pub was an attractive proposition to investors.
"Gaming hotel investments remain keenly sought in metropolitan and strong regional areas,” he said.
“The Blazing Stump is a well-rounded business operation with an experienced lessee providing a secure future investment in Wodonga.
“The freehold investment generated a significant amount of buyer interest from local and interested investors as it represented a fantastic opportunity for buyers to secure an expansive gaming hotel with a highly desirable tenant, offering an attractive return.”
The Blazing Stump, which has more than 20 poker machines, is situated on Anzac Parade and is 5708 square metres in size.
It has modern amenities including a main bar, sports bar with TAB facilities, gaming room, bistro with outdoor decking, two separate function spaces and drive through bottle-shop.
Cooke-Beaumont Partners hold a mix of 20 freehold and leasehold pub titles in Victoria and Queensland.
The Blazing Stump was built in 1880 and was later operated by the Perry family for 80 years.
Bill Perry and Albury businessman Colin Joss subsequently built the Huon Hill Hotel which opened in central Wodonga in 2013.
Meanwhile, the sale of another well-known Wodonga pub, the Carrier Arms is imminent.
The South Street pub has been under offer for more than a fortnight and its freehold could sell for more than $1.4 million.
The leasehold of Albury’s Sodens Hotel is also up for grabs presently with expressions of interest closing late last month.
CBRE has also been engaged to sell Brady’s Railway Hotel with bids closing on April 26.
