06 Oct 2019
Words Larry Schlesinger Australian Financial Review
Bathurst hotel overlooking race circuit changes hands for $8m
The Bathurst Goldfields accommodation and event centre on Mt Panorama has changed hands for $7.9 million just before the start of the famous Bathurst 1000 supercar endurance race.
The popular venue on ll hectares at 428 Conrod Straight, overlooking the racetrack, was bought by Bundaberg couple Peter and Theresa Coyle.
Bathurst Goldfields includes a 20-room motel plus lodges and cabins providing accommodation for up to 300 people, a replica 1850s goldfields village and conference centre.
The Bathurst 1000 begins on Thursday (October 10) and ends on Sunday.
The vendor, Debbie Campbell, snapped up the property for just $2 million in 2015 when she bought it from the Anglican Property Trust Dioceses Of Bathurst.
The Diocese was forced to sell the hotel and other properties to pay an outstanding debt of up to $25 million to Commonwealth Bank following a NSW Supreme Court order.
New owners, the Coyles have owned a service station and a supermarket prior to investing in the Bathurst accommodation market.
“People said we were crazy to take this on with the Bathurst 1000 starting next week but we think it’s the perfect time,” Mr Coyle said.
“I know it’s going to be super busy but it should also be a lot of fun and it will really give us a feel for what it’s like around here at full capacity,” he said.
Ian Crooks, chairman of ResortBrokers sold Bathurst Goldfields and associated businesses on behalf of Ms Campbell.
“The current operators have been in the business for five years and developed a property which is unique and offers multiple income streams through onsite businesses which are fully integrated,” Mr Crooks said.
Alongside the accommodation income, the replica goldfields village brings in 22,000 students each year to take part in an authentic gold rush experience.
There’s also a dining hall which seats 200 people, a heritage barn wedding venue, a gold mining museum and a separate building housing reception, office and shop.
A new $1.5 million function centre is also being developed to cater for demand.