In On the Market by Clyde Mooney

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Sunshine Coast hotel the Riverside Bar, with Level 2 nightclub, has hit the market as the owners look to leave hospitality.

The late-licence hotel is located within Sunshine Plaza, overlooking the Paynter River in Maroochydore, on the Sunshine Coast.

The venue has seen several incarnations, known as the Pig n’ Whistle, then the Cow & Anchor, then Factory: The Project, when it hit the headlines as it suddenly closed in early 2015 with the operators said to owe creditors nearly half a million dollars.

In late 2015, it was revived again as Riverside Bar & Restaurant, with Level 2 nightclub upstairs, an outdoor beer garden, and Zachary’s pizzeria leasing downstairs.

The hotel occupies 946 m² over two levels on a separate title, with a long-term lease in the Lendlease-owned Sunshine Plaza site – currently undergoing a $400 million redevelopment that will reportedly make it the biggest shopping experience on the Sunshine Coast.

Holding a full hotel licence, it is provisioned to also operate a TAB and gaming machines, and hold up to three off-premise retail stores.

Although the business has been reportedly trading well and trending upward, its two hospitality veteran owners are said to be parting ways to pursue separate interests.

It is being marketed by PRD Nationwide Commercial’s Chris Cameron, who noted to PubTIC the widespread interest he is already seeing a week into the campaign.

“The owners are not young, and are effectively diversifying, selling down their venues to do other things as they’ve had enough of hospitality.

“I already have many inspections lined up to view over the coming weeks, with strong interest so far from Sydney and Brisbane operators.”

The hotel was renovated just nine months ago, the partners investing around $700k ahead of the Plaza re-work, which is already seeing increased foot traffic to the area.

The Riverside Bar & Restaurant and Level 2 nightclub is for sale by tender and “will be sold”.