HTL Property - Top 70 Qld Tavern Deal Done
Michael Dixon's private vehicle, Athena Hospitality, has seized the opportunity to acquire Qld’s Central Tavern in Burpengary in what many market participants see as an active and compelling transaction landscape.
The strategic acquisition by Athena Hospitality was exclusively managed by the Brisbane office of leading national brokerage agency HTL Property.
"The Tavern is situated in a very busy shopping precinct and as an historically consistent performer, ranked in the state's top 70 gaming venues, provides the successful investors with a robust set of very reliable revenue streams" advised HTL Property Director, Glenn Price.
Having undergone a recent multi-million dollar renovation, the Tavern enjoys the benefit of a 70 space car park and is situated adjacent the Woolworths anchored Burpengary Shopping Centre. Itself the key commercial retail precinct for one of South East Queensland's strongest population growth corridors.
"Assets such as this with clearly identifiable sources of revenue, two detached bottle shops and proximate visitation levers are attractive to a range of investors; including those from interstate who were ultimately successful in acquiring the asset" added HTL Property Director, Brent McCarthy.
The sale of well known hotelier Michael Lucas' Central Tavern to Michael Dixon is HTL Property's 23rd significant national hospitality asset sale this year to date.
"Our most deliberate clients are those that are using this low interest rate environment to facilitate strategic objectives whether on the buy or sell side" commented HTL Property National Pubs Director, Dan Dragicevich.
"On this basis, and given the pipeline of work we have visibility around, we expect the run in to the Calendar Year end to be material" concluded Dragicevich.
HTL Property, 4th August 2020
