Club Hotel Waterford sells for $22m

Australian Real Estate Investment Trust Charter Hall Long WALE REIT has acquired the Club Hotel Waterford south of Brisbane for a record $22 million.

The Club Hotel features a sports bar, gaming room with 45 EGMs ranked Top-50 in the State, a First-Choice liquor barn, and three detached bottle shops.

The freehold sale also included a new 15-year lease to Coles subsidiary Liquorland, and a mandated $1.25 million refurbishment.

The freehold interest was marketed for Waterford West P/L by CBRE Hotels’ Paul Fraser and Wayne Bunz, with Waterford West’s Richard Pegum stating they were delighted with the outcome.

The agents said the sale price reflected the limited supply of this type of stock and was indicative of the continued strength of the hotel sector.

Fraser said the sale of the property was transacted at a yield of 5.68 per cent, setting a new record for a freehold pub investment in Queensland.

Sheridan Randall, 28^th September 2018