THE lease for the Grand Hotel is going for a rock-bottom price after the business was placed in administration earlier this month.
Birnie Sanders Hotel Brokers has an asking price of $100,000 for the lease of the popular George Street pub, with “all cash offers” considered.
The listing, available online, states the sale is under instruction of the administrator and must be sold.
“The hotel has good turnover figures, modern gaming room and good upgraded plant,” the listing says.
“All the hard work has been done on this property.
“It is waiting for an experienced operator to take the benefit of buying at a rock bottom price.”
A notice on the Australian Securities and Investments Commission (ASIC) website shows Thomas Millicent Property Pty Ltd, trading as Grand Hotel Millicent, has been under external control since October.
Publican Steve Thomas’ family purchased the lease of the 116-year-old establishment over two years ago.
Plaintiff and alcohol wholesalers Australian Liquor Markets applied for a winding up order of Thomas Millicent Property Pty Ltd in September, with a hearing date scheduled in the New South Wales Supreme Court on October 29.
An administrator was appointed to the company two days later.
A creditor meeting was held on November 12 to consider whether to appoint a committee of inspection.
A second meeting was held on November 23, with the pub’s lease listed for sale shortly after.
Mr Thomas has been contacted for comment.
