The highly-awarded Comiskey Group is testing the waters, listing its Beachmere Hotel, north of Brisbane.
Stemming from a construction background, the Comiskeys built the Beachmere back in 2009, with an adjoining shopping centre. The properties enjoy a captive market of over 4,500 proximate residents, and it’s the only pub.
The Hotel offers patrons a relaxed, themed beachside venue boasting a fluid floorplan that lends itself to diverse revenue streams. There is a large public bar and TAB area, multiple indoor and outdoor dining areas, lounge bar and gaming lounge holding 30 EGMs, and ample parking.
It also has the only drive-through bottleshop in the immediate region.
The Comiskey family went on to build acclaimed very large-format hospitality venues Eatons Hill Hotel and Sandstone Point Hotel, and the latter’s massive associated Big4 Caravan Park and resort.
Despite having sold the shopping centre some time ago, the Beachmere has continued to operate under the Comiskey Group’s banner, reportedly a “consistent performer”.
While the Group stresses that none of its other hotels are for sale, citing a “long-term strategy” and characteristically ambitious plans to continue to expand. But circumstances are such that they decided to test the market with an EOI campaign on the Beachmere.
“We find ourselves primarily focused on the operation of our larger hotels at Sandstone Point, Samford Valley and Eatons Hill – with over $200 million of new developments in the planning stage, including four greenfield large-format entertainment hotel venues in south-east Queensland,” advised Robert Comiskey, group director.
“Hence, our time and focus has been appropriately redirected into our other venues and development pipeline.”
Beachmere is located roughly equidistant between Brisbane and the Sunshine Coast. It is seeing plenty of development in the area and benefitting from the advancement of the urban sprawl.
It is being brought to market through HTL Property’s Glenn Price, Brent McCarthy and Andrew Jolliffe, who suggest it should appeal to several buyer types, counting corporate groups, pub syndicators and also private family vehicles.
“The advancing march north by hoteliers from NSW and Victoria, as well as in-situ Queensland operators – many of whom are in ‘acquisition mode’ – will continue to drive the sector into the second half of the year,” suggests Price.
Cost of capital continues to be the primary market facilitator, and Price believes Australia is showing no signs it will change anytime soon.
“This, coupled with the prosperous spread between cost of borrowing and current market yields, will ensure buoyant market trade winds continue to be enjoyed by both buyer and seller.”
Freehold going concern of the Beachmere Hotel is being sold by Expressions of Interest, closing Wednesday, 30 June.
