Soden’s Hotel sells for $5.45 million

STORY ACCREDITATION: The Border Mail – MAY 14 2021 – 4:45PM
WRITER: David Johnston

Two major Albury pubs have changed hands with Soden’s selling at auction on Friday for $5.45 million following the same day revelation the Springdale Heights Tavern has been purchased off-market by a Wagga syndicate.

The Soden’s freehold was the subject of a receiver sale with leasees of the past three years, Brendan Tracey and wife Lyndall Hutchinson, snapping up the pub which underwent a major redevelopment a decade ago.

The couple fought off two other bidders at the auction conducted by agents Manenti Quinlan & Associates and D.J. May Real Estate on behalf of receivers FerrierSilvia.

Receivers were appointed when owners, J&L Angius, went into receivership in 2018.

“It was always the plan to try and buy it,” Mr Tracey said.

“We always knew it was going to come onto the market.

“It’s good it is coming back into the hands of locals.

“It’s game on now.”

Mr Tracey previously worked in the building industry for Zauner Construction and wife Lyndal’s father a cousin of a former Soden’s part-owner, Mal Hutchinson.

The pub is underpinned by 16 poker machines valued around $3.165 million.

Auctioneer Doug May opened bidding at $4 million in front a solid crowd of onlookers with a bid of $5 million called soon after.

Mr May announced the pub would be sold when bidding reached $5.4 million.

“It was a good result for two reasons, firstly it was a good result price wise and secondly the tenants who have put their heart and soul into the place were able to buy it,” he said.

Meanwhile, the Springdale Heights Tavern in Lavington has been sold by the Bosse family in a shock development.

The Kaitlers Road pub has been purchased by the Turvey Park Hotel, Wagga syndicate which includes Sam Cruickshank and members of the O’Hara and Laundy families.

The sale price is undisclosed and the new owners take over on July 1.

It was established by Graham and Bev Bosse and Mal and Maureen Hutchinson in 1988.

As well as bar, meals, bottle shop and TAB facilities, the tavern has the maximum allowable 30 poker machines.

“There is a lot of emotion attached to it and the speed of which it has all happened,” manager Brooke Bosse, who works alongside her sister Jade at the tavern, said.

“There are lots of customers who have been coming here for 33 years.

“They are shocked and sad, but excited.

“There is nothing in the pipeline for us at present, but who knows.

“The new owners want 100 per cent of the staff to keep going and run as is.

“We haven’t really decided what we’re doing, but the obvious would be to exit as well.”

Meanwhile, the Albury Hobby Store shop in David Street sold at auction yesterday for $897,500.

Auctioneer Andrew Dixon from L.J. Colquhoun Dixon opened with a vendor bid of $700,000 before two parties fought it out for the property located opposite Myer.

It was purchased by a Nambucca Heads investor who previously lived in Albury.

The Tully family has owned the property for more than 30 years.