Bar’s hot sale tip
Opportunity to buy strata property The Tipsy Pig
NIGHTCLUB kingpin Craig Duffy says he is selling premises hosting his piano bar The Tipsy Pig as a test of what he calls a “robust” hospitality market.
The 100sq m ground floor strata title is one of a number owned by Mr Duffy in the 19 Orchid Avenue, Surfers Paradise building where he also runs the Hollywood Showgirls strip club. The premises are being offered for sale and leaseback with a 20-year term in place running through to 2028.
The unit was Mr Duffy’s office for a decade but for the past three years has hosted The Tipsy Pig live music piano bar and restaurant.
“This property is surplus to my needs. I am doing this to test the market because it is quite robust I believe,” he said. “People are viewing the Gold Coast as the safe harbour of investment on a global basis the way business is going.”
Mr Duffy said while he is selling the unit, he remains heavily invested in the building with another 10 properties under his ownership. “We have been in that building for more than 15 years. I’m still the biggest owner, I will be there for a long, long time.”
He said the bar scene is thriving after dealing with the months-long COVID-related shutdown.
“We were closed for four months but since we have opened in July and it has been breaking records,” he said.
“Businesses in Surfers and Broadbeach are doing well. A lot of experienced operators are looking to expand.
“The people are out there spending like there is no tomorrow which is probably true.”
Harcourts Coastal Commercial directors Jared Johnson and Lachlan Marshall are marketing the strata property in an auction campaign ending on November 25.
“We are expecting a lot of inquiry due to the long length of the lease with a proven operator,” Mr Johnson said.
The property has a capacity of 100 patrons and seating for 60.
Live music is on four nights a week and the annual rent is $126,787 plus GST.