Real estate market mania continues to see hot property sent to market, now including operator and developer target, North Brisbane’s large-format Homestead Tavern.
Located on a generous 7,550 m² block in beachside Boondall, the vendors have executed regular renovation to ensure it remains relevant and maintains consistent trade.
Based around a large central bar, the Homestead has a restaurant, upstairs function space for 120 people, TAB and gaming room with 43 EGMs, over 100 car spaces and dual-lane drive-through bottleshop.
The land holding lends itself to further development, and CBRE Hotels, marketing the pub, predict the mix of operators and developers currently so eager to look at these kinds of opportunities.
“This trophy asset on a huge landholding has a long history of consistent performance that is expected to attract significant interest from investors – including local, interstate and offshore groups,” said CBRE’s Paul Fraser, who is managing the sale in conjunction with national director Daniel Dragicevich.
Dragicevich says the region has lately been deservedly getting the attention of more Sydney pub groups.
“There has been a noticeable increase in appetite from traditional New South Wale hoteliers in quality Queensland assets in recent times – as demonstrated by the sale of the Acacia Ridge Hotel, Boathouse Tavern and Treetops Tavern, which all sold to interstate parties.
“The lack of available stock in Sydney especially has led to this buyer migration, as the underlying fundamentals of the South East Queensland market remain strong.”
The Expressions of Interest campaign for the Homestead Tavern freehold going concern is scheduled to conclude 5 October, 2016.