Waterfront Tavern to Market
The owners of a well-recognised, South East Queensland Tavern are set to test the waters in one of the first “On Market” sales campaigns, for the sector in 2020.
One50 Tavern located at 150 Bundall Road Bundall is positioned within the main commercial precinct of the area, alongside the Gold Coast City Council’s offices, offering a waterfront locale opposite the master planned, Home Of The Arts (HOTA) cultural precinct with proximity to local residential, the Gold Coast Turf Club, Surfers Paradise and the Gold Coast’s beaches.
The two-level, Freehold Going Concern Tavern is placed over two titles of land totaling 144sqm*. The large format Tavern has undergone significant renovations in recent years, and offers clientele two bars, a bistro, well-appointed gaming room with 36 Gaming Machine Authorities (site approved for 40), function room, upstairs lounge bar and outdoor deck overlooking the Nerang River.
The owners divesting the opportunity viewed as, “an out of line asset” within their portfolio, have jointly appointed boutique Hospitality Tourism and Leisure specialists HTL Property and Colliers International to handle the sales campaign via an international Expressions of Interest process.
Queensland Directors of HTL Property Glenn Price & Brent McCarthy, with Steven King & James Holland of Colliers International, will steer the campaign.
“The asset offers a reposition opportunity with numerous upside levers across the majority of the
business lines for an experienced publican having undergone an extensive renovation in recent times, thus providing a new operator a strong platform with which to realign the business. The underpinned fundamentals of the opportunity, namely the land value, improvement value and the intrinsic value in the Gaming Machine Authorities are sure to be attractive to the wider market place” advised Price.
“Due to the lack of available Gaming Machine Authorities in the South-East Queensland region, the asset will potentially be on the radar of both savvy Hoteliers & Developers, including a number of Hoteliers with approvals for Greenfield pub sites across the South East who will look to unlock the value in the Gaming Machine Authorities, as well as the development potential of the land” commented McCarthy.
HTL Property, 23rd January 2020
