Coles puts ho­tel on mar­ket

The Coffs Coast Advocate - - REAL ESTATE -

AN OP­POR­TU­NITY for an ex­pe­ri­enced multi-venue op­er­a­tor has hit the mar­ket in North Queens­land with a Mackay ho­tel on of­fer.

Lo­cated at 17 Gor­don St, the Metropoli­tan Ho­tel is be­ing pre­sented for sale via an ex­pres­sions of in­ter­est cam­paign run by Leon Ala­ban of Sav­ills.

Mr Ala­ban, Sav­ills di­rec­tor of ho­tels in Queens­land, said the ho­tel pre­sented a great op­por­tu­nity as it at­tracted busi­ness from a sta­ble lo­cal pa­tron­age fol­low­ing.

“We have mon­i­tored an im­prove­ment of the lo­cal econ­omy and pre­dict this to con­tinue, mak­ing the Metropoli­tan Ho­tel a great prospect for the fu­ture owner,” Mr Ala­ban said.

He said the re­gional ho­tels mar­ket had been flat in re­cent years, how­ever, the re­cent im­prove­ment is largely cred­ited to the news of the Adani mine, which has cre­ated a spike in ac­tiv­ity for re­gions such as Townsville and Mackay.

“This news has in turn cre­ated an in­vest­ment shift from both in­di­vid­u­als and multi-venue op­er­a­tors seek­ing value in these re­gions,” he said.

“Some of the larger cor­po­rate groups are look­ing into ex­pand­ing on a na­tional ba­sis which in­cludes in­cor­po­rat­ing re­gional as­sets in their port­fo­lios.”

The ho­tel sits on a large 4046sq m corner site with fa­cil­i­ties in­clud­ing a drive-through bot­tle shop, a large main gam­ing room with 40 elec­tronic gam­ing ma­chines, a lounge and bistro area, pool room, and a chil­dren’s ac­tiv­ity room.

“Along repo­si­tion­ing the as­set, there is up­side for a pur­chaser to im­prove on premise trade and given that there are 40 gam­ing ma­chines there is scope to max­imise higher re­turns,” he said.

The es­ti­mated rev­enue of the ho­tel is about $2.8 mil­lion per an­num in­clu­sive of gam­ing.

Ad­di­tional fa­cil­i­ties in­clude seven mo­tel rooms, ad­min­is­tra­tion and back-of-house ameni­ties, a com­mer­cial kitchen, plus a one-bed­room unit man­ager’s res­i­dence. Built circa 1978, the ho­tel is partly split over two lev­els and has been ex­tended and ren­o­vated over dif­fer­ent times.

The ho­tel is cur­rently leased un­til March 2018 by Spirit Ho­tels (Coles) who are due to cease busi­ness op­er­a­tions at the ex­piry of the lease, how­ever, will ter­mi­nate prior if re­quired.

“It is un­usual for a ma­jor op­er­a­tor to di­vest a ho­tel as­set, there­fore this of­fer­ing pre­sents as a unique op­por­tu­nity to an in­com­ing pur­chaser,” he said. “Coles op­er­ate three other pubs in town, so di­vest­ing the Metropoli­tan was the most log­i­cal choice as it was com­ing to the end of its ten­ure.”

The ho­tel is li­censed to op­er­ate Mon­day to Satur­day 10am to 2am, and Sun­day 10am to mid­night.

Of­fers to pur­chase the ho­tel close at 4pm on Tues­day, Novem­ber 28.

For fur­ther in­for­ma­tion con­tact Mr Ala­ban on 0422 011 455.

PHOTO: CON­TRIB­UTED

UP FOR GRABS: The Metropoli­tan Ho­tel in Mackay is for sale via an ex­pres­sions of in­ter­est cam­paign.

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