Chance to grab a pub
THE owner of Coomera Waters Tavern is hoping his pub is the tipple investors are looking for as the establishment hits the market for the first time.
The strata-property at 23 Harbour Village Parade was built in 2006 after Anchorage Terrace Pty Ltd, linked to Douglas Green, acquired the 534sq m property for $314,600 in 2005.
The two tenants are Coomera Waters Tavern and Shannon’s Steak and Seafood Restaurant, both run by Shannon O’Malley.
Ray White Commercial Gold Coast’s Lachlan Marshall, who is marketing the property with Jared Johnson, said they expected strong interest from Gold Coast and interstate investors. “We launched the campaign and had 15 inquiries in the first day,” he said.
Mr Johnson said if the property sold it would be the first time it had changed hands in 12 years.
“Both the tavern and the restaurant are award-winning, high-profile establishments and the property is located in one of Australia’s biggest growth corridors,” he said.
“There are views to the Coomera River and the outdoor courtyard is a favourite spot for punters to relax while being sheltered from the breeze.”
Coomera Waters Tavern, which has access to two visitor berths and includes a gaming room with five machines, has leased its premises until May, 2019, with options until May, 2039.
Its current net income of $107,000 per annum rises to $133,000 from May.
Shannon’s Steak and Seafood Restaurant returns annual net income of $75,000 and its lease runs until June, 2022. Each tenant pays all outgoings.
Total net annual income of the property is $182,000. The offers-to-purchase campaign closes on March 20.
Recent pub sales include the family-run Merrimac Tavern for $4.55 million, the Advancetown Hotel Motel for about $2.1 million, and the Courthouse Hotel in Southport for $4.07 million.