The Gold Coast’s dormant One50 Public House has been bought by the Feros’ JDA Hotels for $12 million, in partnership with Queensland hotelier Nick Kalaf, as market heat cooks prices.
Nestled in the heart of the main commercial precinct of GC’s Bundall, One50 is a two-level tavern, on one of two titles totalling 3,144sqm. It offers two bars, bistro, gaming room with 36 machines, function room, upstairs lounge bar and outdoor deck overlooking the Nerang River. The second title is an adjacent carpark.
The sites offer major development potential, both holding a 54-metre height limit.
It came to market early 2020, and after a pandemic shutdown, sold in August of last year for around $7 million to a syndicate of investors.
Hospitality was not the core business of the new owners, and the venue has remained closed, now for more than a year.
Nick Kalaf is a lifelong friend of John Feros, the J behind JDA, and holds title at the Burpengary Tavern and Criterion Tavern. The pair already have partnerships at the General Gordon, Peakhurst Inn and more locally the Mermaid Tavern, purchased in 2016 for $4m, which has been undergoing a massive renovation over the past eight months and set to reopen in August.
One50 is proximate to a lot of office buildings and day trade, and the new owners are currently seeking approvals for a fit-out, looking to relocate the gaming room downstairs, with the bar, TAB and nightclub, and using the upstairs areas for functions.
“Our main goal is to fix it up and make it into the Tavern it never really got to be,” says Kalaf.
“We’ll be looking to a whole new look and feel, and something for the locals to be proud of.”
Despite ongoing pandemic shutdowns and confusion, the national market is glowing from the heat of transactions in recent months and opportunities are increasingly hard to come by.
The $12 million buy price at One50 is believed to be comprise around $4m for the EGM entitlements and $8m for the property.
John Feros suggests it is low on nearby competition and “ticked a lot of boxes” for their plans, while Kalaf notes the dynamics of the current “seller’s market”.
JDA and Kalaf will do a substantial and considered renovation, hoping to capitalise on the inherent opportunities in an undercooked operation, but awaiting settlement and a return to regular trading, the timeline is still in flux.
“We have plans for opening before Melbourne Cup, but realistically we can’t know how long it’s going to take.”
