26 Oct 2024
Words Rachel Chamberlain Western Advocate

Multimillion-dollar price tag for the Goldfields as owners look to move on

A unique piece of Mount Panorama is for sale, and a lot of interest is being shown in acquiring it.

Bathurst Goldfields was put on the market in September, 2024, around five years after it was sold to the current owners.

Now, for personal reasons, they are looking to move on and are giving someone else the opportunity to take over the stunning 11-hectare property.

“The vendors are looking to relocate back to Queensland to be near family,” ResortBrokers' agent Chris Kelly said.

“After more than five years, the vendors are within the timeframe of five to seven years we ordinarily see accommodation businesses turnover.”

Their purchase of the business came at an unfortunate time, with the COVID-19 pandemic hitting Australia around six months later.

However, they managed to keep the business going and it has been able to bounce back.

“They’ve done extremely well to bring the business back to similar trade the previous owner had,” Mr Kelly said.

“Given they had no prior experience in the accommodation sector or running a function centre, they have done extraordinarily well.”

Mr Kelly said various components of the entire asset are being offered for sale, which vary in price from $2 million to $10 million.

“One is the freehold going concern where the owners hold the freehold and operate the business,” he said.

“The second is the leasehold where the tenant leases the property from the landlord and runs the business.”

There has been a great deal of interest in Bathurst Goldfields since the property was listed for sale.

Mr Kelly said he has fielded countless inquiries, with interest shown from both experienced buyers and people who are new to the hospitality and accommodation industry.

“Buyer demand for the Central West generally and for Bathurst Goldfields in particular is extremely healthy, but buyers are sensitive around price in the current market,” he said.

“Good assets are selling at the right price, but no one is prepared to pay overs.”

There is a lot on offer across the site to grab buyers’ attention, including 20 motel rooms, three self-contained cabins, five lodges, a luxury six-bedroom residence, a function room and barn wedding venue, and an education centre.

Bathurst Goldfields also has a history of regular event bookings, including graduations and the city’s business awards, to give buyers some confidence in acquiring the asset.

“Unlike most motels and caravan parks, Bathurst Goldfields has multiple income streams the owners can capitalise on,” Mr Kelly said.

“It has regular accommodation revenue, but also event revenue from its conference, wedding and function spaces.”

“We’re talking about a huge property spread across 11 hectares.”

Mr Kelly anticipates a new owner would continue to operate the site similarly to how it’s operated now, but they will likely want to put their own touch on the place as well.

“There’s so much potential on top of what is already an extremely solid and versatile offering,” he said.