Cardinia Club in Melbourne snapped up for $16m
The Cardinia Club has been sold to a Brisbane-based fund manager with several freehold investments in the hospitality industry.
Stronghold Investment Management acquired the Pakenham pub from Pakenham Racing Club for $16 million.
Originally part of the Pakenham Racecourse, the Cardinia Club features 105 EGM’s, a large bistro, sports bar and multiple function rooms.
“This gaming investment generated a significant level of interest from the market, but it took an informed investor like Stronghold to recognise the strength of this opportunity with Pakenham Racing Club as its tenant,” said CBRE Hotels senior director Scott Callow, who negotiated the sale.
Stronghold is projecting an initial cash return of 7.5 per cent per annum for its wholesale investors.
Sheridan Randall, 23rd May 2019
