Arguably the largest pub on the SA coast has hit the market, with an enormous trading area and price expectations exceeding $13 million.
The Glenelg Pier Hotel (GPH) is located on 2,338 m² in the top trading zone of the tourist mecca Adelaide beach suburb of Glenelg. It is the beachside level beneath the popular Oaks Plaza Pier serviced apartments operated by Oaks Group.
The GPH freehold is up for grabs as the vendor, a local private investor, undertakes plans for retirement. It is tenanted on a five-year lease, with options up to 50 years. The rental income is currently $1.06 million, representing an attractive yield approaching 8 per cent, at the asking price of $13.5 million.
The sale is being conducted through Savills Australia’s Rob Williamson, who noted to PubTIC the sheer size of the venue.
“It’s the longest stretch of licensed property on the South Australian coast,” stressed Williamson.
“It has an enormous trading area, with many divisions within, including a full-size gaming room, Pantai restaurant, the silver service Rocks Restaurant, Beachfront Restaurant, Sol bar and Pier Bar.”
GPH also boasts three function rooms, and specialises in contemporary weddings, for up to 315 pax.
The site was originally occupied by the Pier Hotel, which operated from 1856 to 1988 before being demolished to build the Stamford Grand. This was replaced with the GPH and Oaks residential building in 2001.
“We are currently entertaining a few offers, but expect to execute a short marketing campaign fairly soon,” added Williamson.
This will reportedly take the form of an Expressions of Interest campaign, which will close in early August.