The Coles-tenanted Redcliffe Tavern and adjoining 1st Choice freehold has sold to a private investor for $15 million.
The 2,498 m² site, with frontage to both John Street and Anzac Avenue, Redcliffe, contains the freestanding tavern and big-box retail liquor outlet, both on long leases plus options to Coles subsidiaries.
It was sold off-market through Savills Retail Sales on a tight yield of around six per cent. Speaking to PubTIC, Savills’ national director of investment sales Peter Tyson said blue-chip tenants Coles’ Spirit Hotels and Liquorland P/L will be strong occupants for decades – a fact that continues to appeal to buyers.
“This provides long-term rental income security on a net lease, where the tenant is responsible for all ongoing outgoings. The quality of the lease covenant and the prominent location was an attractive combination for investors.”
The asset was sold by one unnamed private investor to another in another example of the appeal of this kind of hotel asset.
The suburb of Redcliffe is at the coastal end of the Redcliffe peninsula, approximately 28 kilometres north of the Brisbane CBD.
