Lantern Group's Waterworks Botany hotel hits the market

The ASX listed Lantern Hotel Group is offering Botany’s Waterworks Hotel for sale.

Daniel Dragicevich and Sam Handy of CBRE Hotels have been appointed, timed to capitalise on the current bullish market conditions.

The Waterworks Hotel was ranked 198th for gaming revenue in OLGR’s recent September quarter TOP 200 report.

The hotel comes with rare 24-hour liquor licence with 3-hour gaming shutdown in one of Sydney’s strongest gaming LGA’s, with surrounding pubs ranked 54th, 70th and 87th in the TOP 200 report.

The hotel has been achieving an average weekly gaming turnover of $784,528 and a net profit of $65,658 over the past 19 weeks. 

Only six of its 26 gaming machines are currently outdoor and there has been recent DA approval for a new alfresco gaming room.

There is also scope to increase the number of machines to the full complement of 30.

The Waterworks Hotel is located on a prominent 902sqm site within the main retail and commercial heart of Botany.

The site offers future redevelopment potential for residential apartments and short term accommodation underpinned by its B2 – local centre zoning, 14m height approval and generous 2:1 FSR.

Offers are due by December 13.