A BATEMANS Bay bidder has snapped up the Taralga Hotel at auction. The historic bluestone double storey pub, established in 1876, went up for auction through Elders Goulburn last Friday.
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Agent David Medina told the Post he couldn’t disclose the price or the buyer’s name due to a requested confidentiality arrangement. “But it was an outstanding result for a hotel without pokies and both parties are extremely happy with the result,” Mr Medina said.
“The owner will continue the tradition that’s already there because the set up is fantastic. They were after a quality, country hotel in a good town”.
The hotel has been recognised for its dining, taking out a “schooner” in last year’s Sydney Morning Herald Good Pub Food Guide. It has become a popular stopover for bikers and other travellers on the Tablelands Way route, running over to the Central West.
Mr Medina said Elders marketed the building widely through the Herald, Canberra and on its national website.
Three bidders - one local, another from Sydney and the Batemans Bay party vied for the pub, which had been refurbished under a fiveyear plan. The sale came after negotiations with two parties after the bidding.
The Ratcliffe family from West Wyalong bought the hotel five years ago and transformed the hotel beyond just a local watering hole. Mr Medina said the Ratcliffes were now looking at opportunities elsewhere. He confirmed the new owner would run the pub. Asked about the market for hotel sales, Mr Medina said it was difficult to judge on the back of one sale.
“We had a quality product in a quality location with good books and figures to back it up...The tourist route helped and I think it’s a great result for a good family pub without pokies.”
Former local hotelier John Kelly recently described the real estate market for pubs as flat when he was marketing the Carlton Hotel in Sloane St. He has since sold the licence and poker machine entitlements to Tattersalls and Astor owner, Peter Griffiths. However, Mr Kelly still owns the building.
The Herald reported last Saturday that the overall sector was “over the worst of the downturn in values.” Buyers were now coming back looking for redevelopment and value-adding opportunities. In the past two years, some owners had to sell at half the purchase price while some managers went into administration or receivership.
