Own­ers of pubs look to cash out

Un­cle Bucks the lat­est up for sale

Mt Druitt - St Mary's Standard (East) - - NEWS - Danielle Jarvis

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.

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