A Kingscliff pub that is the legacy of the late Brian and Kathy Ray is being offered to market as their family remain “heavily committed” to the precinct.
The Salt Bar is an absolute beachfront bar and bistro, occupying 1,883 m² in the centre of Salt Village, in Kingscliff, just 20 kilometres from the Queensland border.
It opened in December 2004, designed to be the social centrepiece of the $1bn Salt Village community built by developer Brian Ray. The Village now boasts over 500 homes and three beachfront resorts.
Salt Bar boasts a public bar, bistro, sports bar with Keno and TAB, gaming lounge and bottle shop. The leasehold is being sold by the Ray’s children, Savannah, Tom and Jack Ray, who remain the freehold owners of it and the Village.
Tragically, Brian and Kathy Ray and pilot Russell Lee died in July 2005 when their light aircraft crashed in snowy weather at Mount Hotham.
The family were creators of the Salt Village and also the Koala Beach residential community at Pottsville, 17 kilometres south of Kingscliff, at a time of significant urbanisation and growth. Tom Ray says they have been there two decades and intend to stay.
“As owners and managers of the adjacent Salt Village shopping centre, we remain heavily invested and committed to the area,” he said.
“While the area has matured significantly, with further communities to emerge such as the planned 4,500 home-site Kings Forest, we see exciting times ahead for the Tweed Coast and its residents and business operators.”
Growth in the projects has brought about sale of a number of the leaseholds within Salt Village, such as Ray Real Estate, Salt Village IGA supermarket, and Saltbean coffee shop. The family remains actively interested in the overall success as the landlords, and plans to direct capital from the sale into further commercial property development.
“We’ve decided to offer the leasehold for Salt Bar and retain the freehold property because we want to continue to be part of Salt Village and participate in its continued growth. Brian and Kathy had the vision to create this community and Salt Bar is the beating heart of it,” stated Tom Ray.
“The popularity and efficiencies of the business have grown year on year and even more importantly, locals remain loyal to the venue – which is something I think Dad would be extremely proud of.”
The Salt is being marketed by Ray White Hotels managing director Tony Bargwanna and Asia-Pacific director Andrew Jolliffe. Bargwanna says the offering is prime for the current market.
“Leasehold deals like this are few and far between and provide an entry point for operators to focus on running the business without having to own or manage the property asset.
“There hasn’t been an absolute beachfront bar and bistro leasehold available for quite some time, and the fact that Salt Bar is an established business with a captive residential and holiday market adds significant appeal, as does the venue’s proximity to the Gold Coast and Byron Bay markets.”
Jolliffe added they expect national interest from operators and groups, particularly given recent regional sales by big names. Last month Andrew Lazarus grabbed Lantern’s Beaumont Exchange in Newcastle, this week Pelathon grabbed Lantern’s Courthouse Hotel in Cairns, and just revealed, Fraser Short has snapped up The Balcony in Byron Bay (details to follow).
The Salt Bar is being offered via an Expressions of Interest campaign, closing 7 September, 2016.