New owner with ‘vision wanted for troubled Surfers Paradise bar
A new operator is being sought to run a troubled Surfers Paradise riverfront bar that has seen three owners in 12 years.
The Helm bar closed last month suddenly with HTL Property’s Glenn Price tasked with finding a new set of owners for the property’s leasehold.
CB No 5 shut the doors to the Helm bar after going into voluntary administration last month, with debts to the tax department, landlord and bank.
Speaking to The Sydney Morning Herald, Price says that the venue just needs a new owner with “vision” who can “position it completely different to the market”.
“We just marketed the Ivory Tavern in Tweed Heads and that has had a chequered past,” he said.
“It was losing $10,000 a week and the owner has just sold it for north of $10 million.”
Colin Cadden, the sole director of CB No5, and his partner Barbara paid $1.25 million for a six-year lease on the bar with a 10-year option in 2016.
The leasehold in the ex-Helm bar is being offered by Asia-based Shangri-La in an expressions-of-interest campaign closing on November 13.
Sheridan Randall, 18th October 2019
