Balmoral Hospitality Group has put its ready-to-build Flagstone Tavern site on the market, citing greater focus on further opportunities home in NSW.
Joel Fisher and Andrew Denmeade’s Balmoral Hospitality Group (BHG) purchased the greenfield project in early 2019, shortly after divesting their former Denfish portfolio to Redcape in late 2018.
The 3,975sqm site is located within the south-east Queensland community being constructed by listed heavyweights PEET and MTAA Superannuation, adjacent to the new Coles Shopping Centre and close to major brands, in the town centre.
Flagstone is home to approximately 6,000 residents, but the next three decades are forecast to bring over 50,000 homes around the town centre, and employment there for over 10,000 people.
Acquiring the raw site, BHG designed a fully-catered Tavern, featuring large indoor and outdoor bars and dining, a sports bar, gaming lounge and child-friendly play areas. It already holds the necessary licences, approved to trade until 2am, and 4am in the gaming room, with 45 machine authorities secured.
In the third quarter of 2019, Balmoral nabbed another big greenfield site in the proposed Waterfront Tavern within Fraser Property’s massive $2.3 billion Shell Cove development. Construction is well underway and slated for completion early 2021.
Looking to other opportunities closer to base in Sydney, BHG engaged HTL Property’s Glenn Price and Brent McCarthy, following the pair’s sale last week of the Parap Tavern freehold to Charter Hall.
“Greenfield hotel sites of this scale accompanied by the myriad approvals this Tavern project already enjoys are patently rare, compelling and expected to be aggressively pursued as an investment avenue for astute local and interstate hospitality players,” suggests Price.
Sale of the Flagstone Tavern site is by Expressions of Interest, closing Wednesday 28 October.
