Continuing the trend of prime-tenanted freehold investment sales, one of Coles’ Spirit Hotels big trading pub and bottle shops is up for grabs.
Located on the Pacific Highway between Gosford and Newcastle, the Northlakes Tavern was built by Coles on the site of the old Charmhaven Hotel, and occupies 7300 sqm adjacent to the thriving North Lakes Shopping Centre, also built and anchor-tenanted by Coles.
The hotel and First Choice bottleshop are leased to Spirit Hotels for another 12 years, with options until 2067.
It will be marketed for the vendor by CBRE Hotels’ Daniel Dragicevich and Glenn Price and Burgess Rawson’s Darren Beehag and Simon Staddon, with a public auction scheduled for 29 October.
“NSW investors have historically missed out on freehold hotel opportunities with blue chip tenant covenants, given the majority of those put to market have been located in the other states,” Dragicevich told PubTIC.
“The Northlakes Tavern and First Choice offers a particularly attractive investment profile, given the large landholding and landmark arterial road positioning within a rapidly growing residential catchment.”
The Northlakes Shopping Centre is the dominant retail presence in the district, with few alternatives for locals. As well as the Coles supermarket, it boasts a medical centre and assorted retail offerings.
The hotel contains a large public bar, island bar, TAB, bistro, alfresco areas and gaming room with smoking solution, plus 180 car spaces.
