The keepers of the Italo Australian Club on the Gold Coast are looking for a new operator to take over all activities at the massive venue, amid major residential developments.
The Club has operated since 1984 on the 3.87-ha site on a prominent intersection of central Gold Coast that sees with over 50K passing cars each day.
On the block is a main clubhouse, offering bar and restaurant dining for 180 patrons, a stage and dancefloor, and the private Garden Room, able to seat 100 for dining. An all-weather beer garden caters for an additional 120 guests, overlooking large green spaces.
What was formerly a VIP Lounge now offers further dining seating for around 80 guests. The Club previously held a gaming licence, and it is anticipated that an incoming tenant will apply for a new licence. Club gaming licenses must be accompanied by an entitlement for each approved machine, with these freely traded between Queensland clubs for $1-5K.
There is also a 550sqm shed, suited to indoor club activities, and onsite parking.
The Club enjoys a strong existing membership base and patronage, and an incoming operator must be aligned with club activities such as fostering and encouraging sporting activities and recreational pastimes.
A number of small tenancies are currently on month-to-month rental arrangements, which enables the Club freeholders to offer the operation as a vacant possession.
It is situated across from the sprawling The Lakes master-planned community, spanning over 42-ha of land, slated to bring waterfront homes, townhouses and medium-density residential buildings.
On offer is a new long-term lease, which agents note is “an exclusive opportunity unlike anything else currently on the market”.
Terms of the lease will be determined through negotiation with interested parties, with annual rent reviews in line with CPI.
An incoming tenant will also be provided first right of refusal on the freehold and buildings, which will be structured into the lease.
HTL Property’s Glenn Price and Andrew Jolliffe are leading an Expressions of Interest campaign on the sale, closing 22 November.
