Gold Coast gold mine Melba’s on the Park has sold for a sunny $12.5 million to former Sydney publican Bob El’s Leda Holdings.
Vendor George Fleming had owned the Gold Coast institution for several years, and executed a massive reinvigoration that brought about huge increases in the business, including a 245 per cent increase in gaming revenue since 2013.
Largely known for the booming upstairs Melba’s nightclub, the two-level freehold going concern comprises 2100 m² with dual street frontage, extensive outdoor terraces, a bistro, bar and parking. It is located on the Cavill Avenue tourism mecca, close to major infrastructure projects.
The campaign was managed by JLL national director John Musca and newly-appointed Queensland associate Tom Gleeson, who reported five bids on the asset from around the country.
Speaking to PubTIC, Gleeson says the property was so much more than its well-known nightclub, and Leda Holdings are taking over at a key time for the area.
“Over the past 18 months we have seen leisure markets such as the Gold Coast undergo a promising commercial and visitation resurgence, leading to a significant trading uplift and improved sentiment,” said Gleeson.
Long-time agent Musca noted that the Queensland market has ridden out turbulence and is poised for continued growth.
“Operators have witnessed how resilient the Gold Coast hotel market is to the waxing and waning of economic conditions and domestic tourism fortunes and is now looking forward to the benefits of the pending Commonwealth Games and some significant infrastructure and development projects for the area.”