Gunnedah Hotel sold at an 11% yield

The Gunnedah Hotel has been sold by it's long time owners at a yield of almost 11%.

Nick Butler of Manenti Quinlan held the expression of interest campaign, which offered the hotel on freehold/vacant possession basis.

Located at 298 Conadilly St, Gunnedah the hotel the hotel was purchased by the Gibbs family for $2 million back in 2011.

Set on 2,921 sqm, the hotel has 12 PMEs, a 3am licence and 29 rooms for accommodation.

According to the listing the hotel's weekly average revenue is $38,700.

It was offered by Chris and Kim Gibbs, active members of the Gunnedah community.

Nick Butler of Manenti Quinlan and Associates said the Gunnedah Hotel attracted a very high level of interest from Sydney publicans and "a long list of established country operators."

"Gunnedah is expanding rapidly due to the growth of its industries, and the opportunity to take advantage of that via the Hotel’s passive income streams was particularly attractive to prospective buyers," he added.

The hotel was sold, at an undisclosed price, to established hotelier Daniel Whitten (Robin Hood Hotel, Randwick) and Luke Prout who is already a partner, with Whitten, in the Tamworth Hotel.

Their management of the hotel begins in mid-February.