By Clyde Mooney
Expressions of interest close Wednesday for the sale of the 18 commercial properties in the J&AG Johnston portfolio.
Seeking to free up capital to divest elsewhere, the venues in the Adelaide Hills include 17 hotels and the nearby Balhannah Junction Shopping Centre.
The venues are offered individually or in one line, with the total rent across the portfolio currently in excess of $2m per annum and all venues tenanted except the Callington Hotel.
The sales have been managed by agents Jones Lang LaSalle (JLL) and Steele & Associates Hotel Brokers, and have attracted a diverse range of potential investors.
“The interest has been good, with in excess of 250 enquiries over the portfolio,” JLL South Australia managing director, Jamie Guerra, told TheShout.
“The majority of the interest has come from local investors looking at individual hotels, however there are a number of total portfolio groups and multiple property groups from local and interstate.
“The Balhannah precinct has generated the most interest with the ability to acquire a near hectare parcel with strong income from the Balhannah Junction Shopping Centre and the Balhannah Hotel, and the additional added value of the adjoining site.”
Company chairman for J&AG Johnston, Mark O’Leary, explained the sale as a “major strategic review” and desire to free up investment capital.
“This is part of the evolution of long-term family investment and as such, the future lies before us. We wish those who secure our properties well,” said O’Leary.
For these and other pubs currently on the market, check TheShout’s Pub Sales (www.theshout.com.au/pubsales) page online – open 24 hours a day.