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.