Former Dixon Hospitality stakeholder Michael Dixon has signed his first deal through his private vehicle Athena Hospitality, to acquire Queensland’s high-performing Central Tavern in Burpengary.
Athena is understood to have lodged application with OLGR for the leasehold acquisition and transfer, representing the younger Dixon’s first deal outside Australian Venue Co (AVC) and predecessor Dixon Hospitality, formed in 2013 by his father Bruce.
The Central is a strong business and solid gaming hotel, located adjacent to the Woolworths-anchored Burpengary Shopping Centre, with two detached bottle shops.
Burpengary is around 40 kilometres north of the Brisbane CBD and currently enjoying considerable development, seen in new land subdivisions and 20,000 homes slated for construction.
“The Tavern is situated in a very busy shopping precinct and as an historically consistent performer, ranked in the state’s top 70 gaming venues, provides the successful investors with a robust set of very reliable revenue streams,” advised HTL Property’s Glenn Price, who managed the deal with colleague Brent McCarthy.
The pub has also seen extensive recent renovation, counting complete overhaul of the gaming room, public bar and bistro, and new car park for 70 vehicles.
Well-known Brisbane hotelier Michael Lucas has multiple business partners in the Central Tavern, and saw the sale as an opportunity in a compelling transaction landscape.
While the sale price on the business was not revealed, sources close to the deal confirmed the figure of $7 million recently reported for the lease was incorrect.
Working to make the most of a potential backlog of shutdown transactions heading toward year-end, agents report there is no shortage of activity in the right circles.
“Our most deliberate clients are those that are using this low interest rate environment to facilitate strategic objectives whether on the buy or sell-side,” responded HTL national director Dan Dragicevich.
