Broken Hill Pub enters real estate market

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Broken Hill Pub enters real estate market

The Broken Hill Pub has made a surprise entry into the local real estate market, the latest large hospitality business to be offered for sale in the outback city.

Its owners are believed to have spent millions on upgrading the building on the corner of Argent and Oxide Streets.

The JLL Hotels and Hospitality Group real estate agency has been tasked with taking expressions of interest for the business, only weeks after it announced it had sold the Junction Hotel.

Several other venues have recently been listed, including The Astra, which is expected to receive offers of more than $3.5 million.

Despite the movement in the market, well-known establishments such as The Palace Hotel have searched for someone to pass the keys on to.

Real estate agent Jim Hickey says assets appear to be a trending factor in the success of local venue sales.

The Junction is completely different because of the pokie machines. It's estimated that it's around $450,000 per pokie machine licence.

They had about nine of those, so you can do your sums, it's pretty simple.

The other two big hotels have accommodation and one hasn't.

Broken Hill Musicians Club general manager Michael Boland believes business owners are selling up for a number of reasons, including the lingering effects of COVID - 19.

With staff shortages and the constant changes around restrictions, it has put a lot of pressure on venue owners and operators.

He said that a lot of venues in New South Wales are taking the opportunity of a very robust hospitality market with certain assets higher than they would normally be, and that they are taking the opportunity of a very robust hospitality market.

Despite difficulties, there should be light at the end of the tunnel with events and film projects returning to the region, says Boland.

Some movements like that sometimes worry businesses but I think Broken Hill is very robust.

JLL Hotels and Hospitality Group have been contacted by the ABC for comment on the sales.