A Melbourne-based company has listed its under-management Gracemere Hotel, in Sunshine State regional hotspot Rockhampton.
The pub is set on 3,970sqm in a fast-growing urban area 10 kilometres from Rockhampton’s CBD, opposite the Woolworths-anchored Gracemere Shopping World shopping centre. It enjoys a catchment of around 13,500 local residents.
The 1885-built Hotel is well-presented, said to require limited capex, offering patrons a public bar, TAB and gaming room with 33 machines, bistro, large beer garden, kids’ play area, and busy drive-through bottleshop.
Title and opportunity in the sale also includes an additional 3,288sqm landholding, currently with a four-bedroom manager’s residence, with favourable zoning and development potential. The owners have previously looked at motel accommodation on the property.
Queensland licensing lists the owners as Beaumont Hotels and partners, headed by Stephen Beaumont – brother to Sydney publican, Dr Peter Beaumont.
Agents note the “interstate vendors” have always operated the business under a management structure, highlighting its ease of operation.
The large-format business is likely to fetch sale price circa $20 million.
“The Gracemere is a very popular and diverse business, with all departments contributing to the profitability of the operation,” says HTL Property’s Glenn Price, marketing the asset with colleague Brent McCarthy.
Already possessing 33 tightly-held coastal gaming authorities, it reportedly also holds approval for a total of 37.
“Accordingly, there exists clear gaming upside for an incoming operator, by virtue of increasing the permissible number of gaming authorities and trading hours indexed to the venue,” adds Price.
The freehold going concern of the Gracemere Hotel is to be sold through an Expressions of Interest campaign, concluding Thursday, 28 April.
