The owner-builders of the Glenquarie Tavern are offering the business as a long-term leasehold interest, in Sydney’s booming south-west.
Situated in the retail heart of Macquarie Fields, south of Liverpool, the Tavern is adjacent to an Aldi supermarket, and Glenquarie Town Centre shopping centre, anchored by Woolworths and Target.
It was built by the current owners in 1975, occupying a site of more than 5,500sqm, and is being sold now for the first time in its 47-year history.
Presenting itself as a “family-oriented hotel & bistro”, the venue presents weekly karaoke, trivia and live music, and caters to private functions.
Its gaming operation counts 30 machines, and currently ranks #112 on the Liquor & Gaming list of NSW pubs, which is slightly down from its three-year average of #107.
The lease sale comes with ownership of the hotel licence and GMEs, providing at least $15 million in underlying asset value, based on the market price for entitlements currently fetching c$500k.
And after nearly half-a-century in the same hands, the Glenquarie Tavern is likely to benefit from a fresh operational perspective.
It is being sold on behalf of the Radford and Cullen families, who are reportedly seeking to “capitalise on the extraordinary market conditions”.
They are offering favourable lease terms of passing rent reflecting only 14 per cent of EBITDA, fixed annual increases of 2.5 per cent, and no market rent reviews.
The business is being marketed by JLL Hotels’ Kate MacDonald and Ben McDonald, who are buoyant on its industry appeal.
“We anticipate significant depth of interest from a wide-ranging buyer pool, likely dominated by astute hotelier’s seeking a gaming-centric asset in a key growth market,” says McDonald.
The leasehold interest of the Glenquarie Tavern will be sold via Expressions of Interest, closing Thursday, 5 May.
