Riverina pub sales 'boom' as investors look past Sydney

Iconic watering holes such as Romano's and Sporties were sold this year, as well as the freehold for The Duke of Kent Hotel.

Two of those were snapped up by the syndicate that owns the Turvey Tavern and includes local publican Sean O'Hara, Sam and Laura Cruikshank.

The Daily Advertiser also revealed on Thursday that the sale of the William Farrer Hotel is due to be settled on July 12 to Harvest Hotels.

Mr O'Hara said the "boom" in the sales of regional pubs came down to a few factors.

"In strong regional towns such as Wagga, Tamworth, Dubbo and Goulburn, there is better bang for your buck," he said.

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"Investors have worked out in the last five years that in pubs regionally with good food, gaming, and bottle shops, you can make as good money as in Sydney if not better."

Mr O'Hara said Wagga is also not reliant on one industry, which makes it more attractive to potential buyers.

"People have worked out it's a great place to live and work," he said.

"I believe Wagga is not reliant on one industry, and it's a full package.

"There has been a lot of activity in the last three to four months, with the Farrer, Sporties, Duke, Rom's all being sold as well as the Riverina Hotel sold last December."

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Mr O'Hara said the spike in pubs and hotels changing hands would not last.

"There was a spike in about 2006 and 2007, and now again 14 years later," he said.

"It should settle down, I guess, in the next six months, but you can't be certain."

The buzz of activity in the pub and hotel sector is reflected in the restaurant and cafe side of the hospitality sector.

Rob Illsley, a licensed broker with GSE Business Consultants, said Wagga is experiencing a surge as people relocate alongside a lot of movement in business sales.

"COVID has forced people to think about how they live and how they work," he said.

"In that shift, Wagga looks like a very attractive place to be.

"It's got a lot to offer as a regional hub."

Mr Illsley said the market had hit a "sweet spot" with a good amount of listings and just as much interested buyers.

He said businesses are doing well, which leads owners to consider selling, and there is a lot of money in the economy at the moment.

"The general feeling is that it is a very good time to be selling the business," Mr Illsley said.

"I would encourage anybody who is considering selling to work out an exit strategy. The better prepared you are for the market, the better you are off in the end."

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