Hotel fetches $25m, well over valuation
Uncle Bucks confirms favourable market for licensed venues
MT Druitt watering hole Uncle Bucks has been sold to the De Angelis Hotel Group for $25.3 million.
The sale price was 30 per cent more than a valuation of the venue in June.
According to CoreLogic RP Data records, the 5640sq m property last changed hands in 2005 for $18 million.
The venue features a 24hour liquor licence, 27 gaming machines and a 32mhigh building.
The sale was brokered by CBRE on behalf of the ASX-- listed Lantern Hotels Group, which upgraded the venue substantially in 2014.
CBRE agent Daniel Dragicevich praised the original owner’s efforts in making the property desirable to potential buyers.
“Lantern has done a great job adding value to the asset over the past 12 months and the venue will no doubt continue to grow under the De Angelis Hotel Group’s guidance,” Mr Dragicevich said.
“Assets such as this are seldom publicly offered to market, which contributed to a keenly contested process which yielded an ex- change of contracts some four days prior to the scheduled close of the campaign.”
Lantern Hotels listed the hotel in October along with its Campbelltown venue, the Ambarvale Hotel, citing a favourable market as the reason for selling.