The freehold of the Blazing Stump Hotel in Wodonga has sold for $6 million.
The Victorian border sale represents a 6.76 per cent yield – a strong result for a regional hotel sale. The hotel was sold by CBRE Hotels agents Scott Callow and Will Connolly on behalf of Wodonga Holdings Pty Ltd. The hotel was acquired by a wealthy local investor looking to expand and diversify their property portfolio.
Blazing Stump Hotel is a gaming pub situated on a 5,708 sqm site a few minutes from Wodonga’s CBD and positioned on the busy thoroughfare of Anzac Parade. The pub features recently refurbished amenities including a main bar, sports bar with TAB facilities and gaming room. The hotel also includes a bistro with outdoor decking, commercial kitchen, two separate function spaces and drive through bottle-shop.
“Gaming hotel investments remain keenly sought in metropolitan and strong regional areas. The Blazing Stump is a well-rounded business operation with an experienced lessee providing a secure future investment in the Wodonga township,” stated Callow.
Connolly suggested that the comprehensive features of the hotel made it an attractive buy for many interested parties.
“The Blazing Stump freehold investment generated a significant amount of buyer interest from local and interested investors as it represented a fantastic opportunity for buyers to secure an expansive gaming hotel with a highly desirable tenant, offering an attractive return.”
The Blazing Stump Hotel is subject to a long-term lease with a commencing annual income of $406,000 per annum.