Owners of pubs look to cash out
Uncle Bucks the latest up for sale
YET another Mt Druitt pub is up for sale as Lantern Hotel Group last week called for expressions of interest for Uncle Bucks Hotel.
Set on an expansive 5640sq m entertainment precinct, the hotel boasts a prime location near Mt Druitt CBD and features a 24hour liquor licence and 27 gaming machines.
Despite being listed without a price guide, CoreLogic RP Data records show it last changed hands in 2005 for $18 million.
Lantern Hotel Group has also listed its Campbelltown watering hole, The Ambarvale Hotel, for sale.
A CBRE spokeswoman said the decision to list the clubs was to take advantage of the favourable market.
“Daniel Dragicevich and Sam Handy of CBRE Hotels have been exclusively appointed to steer the campaign, which has been timed to capitalise on current market conditions and the unprecedented undersupply of quality freehold gaming hotels,” the spokeswoman said.
Earlier this year, Feros Group put Lone Pine Tavern on the market with expectation of about $30 million. The Standard understands the venue is under contract for an undisclosed amount.
CBRE director Sam Handy described the current market conditions as the “perfect storm, with genuine market buoyancy being driven by a combination of undersupply, robust trading conditions, debt liquidity and the current low interest rate environment”.
Uncle Bucks Hotel in Mt Druitt and (below) the Lone Pine Tavern.