Ho­tel fetches $25m, well over val­u­a­tion

Un­cle Bucks con­firms favourable mar­ket for li­censed venues

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

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.

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