The Gold Coast’s Currumbin Creek Tavern has come to market, with a big footprint and four associated bottle shops.
The Currumbin pub was purpose-built by owner and vendor Tony Condon on a 1,610sqm block off the Gold Coast Highway, minutes from the Gold Coast’s main surfing beach and six kilometres from the airport.
It boasts a central bar and bistro, leased as a Mexican restaurant, twin-terminal TAB and Keno facilities, and gaming room with 20 EGMs, in a low-maintenance, contemporary two-storey tilt-up concrete structure. It currently generates revenue around $7.8m annually.
On the Tavern’s block is a Cellarbrations liquor barn, plus the title holds three detached bottle shops, as per Queensland regulations. Its nearest competitor is ALH’s Palm Beach Hotel, ranked #89 on OLGR’s list of gaming venues.
Currumbin is an area on the rise, just south of Surfers Paradise, and enjoying increased population density through subdivision and extensive housing development.
South-east Queensland’s bubbling property market will likely see a sale price reflecting a yield as low as 11 per cent, equating to a circa $6 million price tag for the hotel business and satellites.
Condon has engaged CBRE Hotels’ Paul Fraser, in conjunction with Peter Power of Power Jeffrey & Co to market the asset – opting to take immediate offers from qualified parties on the freehold going concern and leasehold interest.
Fraser says Currumbin is “one of the nicest places around” and sees significant upsides for the business in both the gaming room and reclaiming the food solution.
“It’s performing, but not anywhere near it’s optimal,” he suggests.
“This is for someone who wants some strong underlying value. Someone can come in here and put their stamp on it, up-trade it.”
The Currumbin Creek Tavern is being sold via Private Treaty.
