- Newmarket Hotel in Port Adelaide has been purchased by Black Rhino Group
- Group currently owns 20 pubs across Victoria
- Sourcing more regional and metro SA pubs
Following gaming reform across South Australia, Black Rhino Hotel Group, Victoria’s biggest gaming privateer, has begun a buying spree for gaming hotels across the state.
Newmarket Hotel, on the corner of Commercial Road and Dale Street in Port Adelaide, has been purchased by the group with the deal being brokered by Grant Clarke of McGees and Matthew George of CBRE Hotels.
Black Rhino Hotel Group’s owner and manager director, David Tomsic, owns 20 pubs in Victoria with plans for more over the next 12 months. However, all-time high premiums have slowed Mr Tomsic’s appetite for growth in his home state.
“In recent months we have seen some of the highest prices and sharpest yields being paid on record for gaming assets (leasehold and freehold),” said Mr George.
“Prices have well and truly surpassed previous levels, a trend fuelled by the low cost of debt and rebounding trading results.”
Matthew George, CBRE Hotels
Mr George has worked with Mr Tomsic to identify opportunities in South Australia with the team travelling to inspect properties upon the border opening, adding that most of the assets changing hands in the state are at an attractive price point.
“They were quick to act, knowing that the Adelaide market has strong predicted growth, will benefit from recent reform to gaming legislation and offers relatively cheap additional entitlements, in comparison to Victoria.”
Mr Tomsic said he was excited about his South Australian acquisition plans.
“Our plans are to buy pubs and keep the existing staff on, inject some capital into them, upgrade the product on the floor and deliver high-quality venues back to the patrons and locals,” said Mr Tomsic.
“I’m super excited about coming into South Australia and seeing in this new era for us, we have several other exciting deals to announce in the very near future – both regional and metro, and my senior management team share my enthusiasm about our expansion.”
David Tomsic, Black Rhino Hotel Group
