Hot Gold Coast property One50 Tavern has hit the market, boasting blue sky horizons and waterfront views.
One50 was built in the 80s under a hotel licence. In the early noughties it became the Surfers Rowers Club site, which later went into receivership.
The current owners picked up the receiver sale for circa $5 million, and renovated and repositioned the venue to be One50 Tavern, including capitalising on its approval for gaming (40 EGMs) with acquisition of 36 authorities.
The two-level tavern is on one of two titles totalling 3,144sqm within the main commercial precinct of Bundall, alongside the Gold Coast City Council’s offices and proximate to local amenities, and opposite the master planned Home Of The Arts (HOTA) cultural precinct.
It boasts two bars, a bistro, a well-appointed gaming room, function room, upstairs lounge bar and outdoor deck overlooking the Nerang River. The second lot is the adjacent carpark.
Hospitality is not the core business of the owners, and seeing the asset as “out of line” within their portfolio they engaged HTL Property and Colliers International to market the property.
Although freshly refurbished, the gaming room was installed upstairs, and the agents believe a lot of ground would be realised by the right operators.
“The asset offers a reposition opportunity with numerous upside levers across the majority of the business lines for an experienced publican,” suggests HTL’s Glenn Price, marketing the Tavern with colleague Brent McCarthy and Colliers’ Steven King and James Holland.
The site also offers major development potential, both titles holding a 54-metre height limit, the land alone valued at around $3 million.
Bundall holds a sought-after Gold Coast commercial precinct home to a wide array of multinational businesses. The site could suit a range of purposes, including an office, residential, and/or a hotel development.
The gaming entitlements would currently cost north of seven million to replace.
“Due to the lack of available gaming machine authorities in the south-east Queensland region, the asset will potentially be on the radar of both savvy hoteliers and developers, including a number of hoteliers with approvals for greenfield pub sites,” adds McCarthy.
The freehold going concern of the One50 Tavern is being sold via Expressions of Interest closing Wednesday 26 February, with price expectation circa $10 million.
