Renowned Snowy Mountains watering hole sold for $3m-plus

The Australian Hotel in Cooma, located some 45 minutes away from the New South Wales snowfield gateway of Jindabyne, has been sold on the eve of its public auction for a rumoured $3 million-plus figure.

The hotel, built in 1858 and originally named the Graziers Arms Hotel, features a public bar, bistro, 15 poker machines, 16 rooms for accommodation and a 2am closing time.

The hotel has nearly half of the town’s poker machines.

The sale to a well-known Sydney-based hotel operator was brokered by Xavier Plunkett, Blake Edwards and Sam Handy from HTL Property.

The Australian Hotel in Cooma.

HTL Property managing director Andrew Jolliffe says the lack of city-based based stock is driving commercial property investors to look further afield.

“In a low interest rate market place, hard yielding assets are king,” he says.

“Hence the lack of stock is driving even the most city-centric investors to consider regional opportunities.”

Rush hour in Cooma.

HTL Property executive Xavier Plunkett says the hotel, and surrounding region, will directly benefit from the Federal Government’s 10-year, $7 billion Snowy 2.0 expansion.

“Increased overall patronage would be expected, and a consistent requirement for additional worker’s accommodation would also have a flow on effect to other revenue departments within the business,” he says.

This article from the Daily Telegraph originally appeared as “Popular Snowy Mountains drinking hole, comfort stop sold”.