JLL Hotels & Hospitality Group is proud to exclusively offer to market the freehold going concern interest in the Centennial Hotel, Gulgong NSW
On behalf of Kelly & Co Hotels, JLL is pleased to offer to market the best entry-level hotel opportunity of 2023, The Centennial Hotel. The opportunity enables prospective parties to own a true piece of Australian gold rush history positioned in a highly productive regional area. Affectionately known as the ‘Cenny Hotel’ the venue is located in the 19th century historic gold rush town of Gulgong and boasts excellent diversified trade.
Situated on a prominent corner site with excellent street frontage, the venue enjoys average weekly sales exceeding $53,000 ex. GST, comprising of gaming, food and beverage and accommodation income. There are 6 gaming machine entitlements included in the offering (with the venue ranked 3/42 in all of NSW for hotels with 6 GMEs), with recent approval granted to increase the gaming threshold to 8 entitlements. Complementing the gaming offering is a single bar operation as well as 7 ensuited accommodation rooms. A detached manager’s residence also provides flexibility for housing on-site staff or additional short stay patrons. The venue resides on an expansive 1,345sqm block and incorporates an on-site carpark.
The hotel has substantial upside with DA approval to extend the current gaming lounge. The hotel is ranked 380 in all of NSW on a profit per machine basis with earnings expecting to grow with the addition of the approved further 2 gaming entitlements. A new cool room has also been installed reducing future CapEx.
Gulgong is located a short 23-minute drive north of Mudgee and 293km northwest of Sydney. The town is historically significant and retains much of its 19th century urban fabric, with the streetscape keeping its original 1800’s façade. The region boasts excellent economic drivers with substantial mining, agriculture and tourism industries underpinning the area.
Kelly & Co Hotels have exclusively appointed specialist JLL hotel agents Greg Jeloudev and Edward Browne to manage the campaign with Mr Browne noting the venue’s location as being an attractive proposition ‘Not only is this a well performing business, but the significant population growth forecasted in for the area the coming years considerably increases the assets trading potential.’
The Centennial Hotel in Gulgong is for sale via Expressions of Interest, closing Wednesday 18th of October at 12pm midday (if not sold prior). Prospective parties are encouraged to contact the exclusively appointed JLL agents for further information.
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Contact: Greg Jeloudev Phone: +61 401 670 053 Email: Greg.Jeloudev@jll.com |
Contact: Edward Browne Phone: +61 404 739 171 Email: Edward.Browne@jll.com |
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