Feros snaps up Wagga’s Red Steer pub for below $10m

The Red Steer Hotel and Motel at Wagga Wagga has been snapped up by Sydney operator Feros Group in a deal struck for less than $10 million – the latest in an extended run of pub deals in the NSW Riverina hub town.from the country to the coast and the city which have defied disruptions to the sector wrought by COVID-19.

Sold by a local, it is now in the hands of Feros Group, the well-known Sydney publicans that operate The Prince at Kirrawee and last year The Red Steer deal brings the trade in Wagga Wagga pubs close to $100 million over the past two years for pub broker HTL Property, which handled the transactions.“We continue to see strong capital appreciation in the regional pub market,” HTL’s Xavier Plunkett said.

“Undercapitalised hotel assets in strong regional centres such as Wagga Wagga continue to be highly sought after by experienced Sydney-based hoteliers seeking value outside of traditional metropolitan markets.” In March, an investment group that included Rich Lister Arthur Laundy set a record for regional pub deals – as distinct from city or coastal trades – when

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