Former Wallaby and Brumby pays $50 million for regional pub

Former Wallaby and Brumby player Bill Young has added another pub to his collection, scooping up a landmark hotel in the NSW Riverina for $50 million.

Mr Young, now has seven hotels in his portfolio after buying the Gem Hotel in Griffith from hotelier Jim Knox.

It is the first pub in regional Australia that Mr Young has purchased with his other six hotels in Sydney.

The property was listed with a price expectation of $50 million and is understood to have achieved that.

"The landmark sale of the Gem Hotel sets a new benchmark not just in Griffith or the Riverina, but across the entire regional hospitality landscape," said selling agent and HTL Property Managing Director, Andrew Jolliffe.

He sold the property along with co-agent and HTL Property Director, Xavier Plunkett.

Growth area

The hotel, which sits in the heart of Griffith's CBD, is one of NSW's top five regional gaming venues with 29 poker machine entitlements.

It also has an award-winning restaurant, the Bull & Bell Steakhouse that has ranked among the world's top 100 steakhouses. There are also 65 four-star hotel rooms.

Annual revenue exceeds $13 million, with strong earnings derived from food, beverage, gaming and accommodation.

"The Gem Hotel represents a truly trophy-grade asset, to date unmatched in scale and profitability across the regional NSW hotel market," Mr Plunkett said.

Its location, in an area with multiple industries and strong job growth, was a drawcard.

"The patent economic strength enjoyed by Griffith and its surrounding area and driven primarily by agriculture, manufacturing and viticulture; provides a robust platform for sustainable long-term hotel trade" said Mr Jolliffe.

Changing hands

Vendor Jim Knox, who has been a prominent figure in both the Riverina and New England hotel markets, said he had great faith in the new owner and the pub's future.

"The Gem has been an extraordinary part of our business journey. We are proud of the scale and reputation the hotel has achieved, and I'm confident it is in excellent hands with Bill Young and his team," Mr Knox said.

Mr Young said he was keen to invest further into the hotel.

"We're delighted with the acquisition of The Gem, and look forward to further enhancing the already outstanding reputation the hotel and the proud Riverina district is known for," said Mr Young.

Mr Young, who played 100 games for the Brumbies and made 46 appearances for the Wallabies, has built a successful hospitality group, Young Hotels, since retiring from the game.

Amongst the 51-year-old hotels in Sydney are The Five Dock Hotel, Bar Broadway in Chippendale and The Concord Hotel.