The Blazing Stump Hotel, Wodonga has sold for $6 million - achieving a strong regional hotel yield of 6.76%.
CBRE Hotel’s Scott Callow and Will Connolly were appointed to exclusively market the freehold building at 4327 Anzac Parade, on behalf Wodonga Holdings Pty Ltd. The property was purchased by a high net-worth local investor looking to expand and diversify their property portfolio.
Mr Callow said: "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.”
Mr Connolly added: “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 has a site area of 5,708sqm and is in an excellent location just minutes from the Wodonga CBD, enjoying high levels of exposure to the busy Anzac Parade. It is subject to a long-term lease with a commencing annual income of $406,000 per annum.
The large freestanding, fully permitted gaming hotel features modern and recently refurbished amenities throughout including a main bar, sports bar with TAB facilities and gaming room. The hotel also offers patrons a bistro with outdoor decking, commercial kitchen, two separate function spaces and drive through bottle-shop.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.