Shepparton's Goulburn Valley Hotel sells for $6.6 million

The Goulburn Valley Hotel, which this weekend entertained punters with Bon Jovi and Pink tribute bands, has sold under the hammer for $6.6 million at auction in Melbourne.

The hotel has annual income of $472,849, reflecting a yield of 7.16%.

It includes a long-term lease with options expiring 2035.

It was sold on behalf of H. MacKinnon and K. Sutherland of Bent and Cougle, receivers and managers of Zurcus Hotel-Motel, who were appointed in October.

The property was marketed by Scott Callow from CBRE, Terry Board from TJ Board, Rocky Gagliardi from Kevin Hicks Real Estate Shepparton and Numurkah and Billy Holderhead from Burgess Rawson.

The hotel, located at 221-233 High Street in Shepparton and about two hours north of Melbourne, was built in 1928.

It stands on a 7,083-square-metre site and features a bistro, a piano bar with seating for 80 people, 40 gaming machines and a licence for 2,032 patrons.

The hotel is located close to both Coles and Woolworths.

It was sold as part of a Burgess Rawson portfolio auction held at Crown Casino in Melbourne on December 7.

The Goulburn Valley Hotel won the Australian Hotels Association Victoria Award for Best Re-Developed Hotel in in 2008 and the AHA National Awards for Best Re-Developed Hotel in Australia in 2009.