Pub sale nets $2.1m
Locals nab Coomera tavern
GOLD Coast buyers have snapped up the multi-tenanted Coomera Waters Tavern for $2.1 million — the first time it has changed hands.
The contract on the 23 Harbour Village Pde stratatitle property went unconditional earlier this week following a marketing campaign by Jared Johnson and Lachlan Marshall, of Ray White Commercial Gold Coast.
The tavern is located in the Coomera Waters Marina Village, and 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.
Mr Johnson said the campaign attracted strong interest from investors with 78 inquiries and six contracts presented to the owner.
He said the property sold on an 8.6 per cent yield.
“The buyers live in Coomera Waters and have bought the property for their investment portfolio,” he said.
“They love the building itself and the fact it is on the water. They have dined at both establishments and love the food.”
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 this month.
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.
Recent pub sales include the family-run Merrimac Tavern for $4.55 million.