The leasehold interest at the Lake Cathie Tavern has come to market, offering 12 years in the coastal precinct.
Built 1999, the Tavern is a large-format single-storey operation providing a central service public bar with TAB, commercial kitchen and bistro, beer garden and children’s play area, bottleshop, gaming room with 11 machines in smoking solution, and significant onsite parking.
It is located between a Woolworths and the Lake Cathie Village shopping centres, adjoining a Caltex Service Station, on a 2,781sqm block.
The pub currently reports average weekly revenues of almost $30k, coming primarily (49 per cent) from the bar, and 28 per cent from the gaming.
On offer is a lease expiring in 2023, paying annual rent of $212,180 + GST.
Lake Cathie is a coastal township of nearly 7,000 people, around 18 kilometres south of Port Macquarie. The greater Port Macquarie region has a population of around 84,000, forecast to see major growth, and Lake Cathie is dubbed the residential growth centre of the region.
The existing tenant, Matt Dunn, has put the business to market for personal reasons through Manenti Quinlan’s Leonard Bongiovanni, in association with Glen Cooper, principle of Cooper Hotel Brokers.
Amid widespread local development, the agents say there is blue sky potential in most aspects of the operation.
“There is an outstanding opportunity for an astute operator to continue to grow the business across all sectors,” states Bongiovanni.
“The region is a hive of activity, with large-scale subdivisions taking place, the result of which is a population forecast to grow by 24.37 per cent by 2036.
“It is important to note that this residential development is not some future proposal. Works have already commenced. As a result, the Hotel will be an immediate beneficiary.”
The leasehold Interest of the Lake Cathie Tavern is for sale by Private Treaty, with asking price of $850,000.
