Interstate hotelier Joe Irvin is divesting his under management Young Aussie Hotel in booming Gladstone, after nearly two decades.
The single storey Aussie is strategically positioned on an expansive 4,776sqm corner of Perry Street, with three street frontages, in the central Queensland precinct of Gladstone. Onsite is a traditional public bar and TAB, bistro for approximately 140-pax, gaming lounge with 35 machines, dual-lane drive-through bottleshop, six accommodation rooms and a substantial manager’s flat, which includes an inground swimming pool.
The town of Gladstone has a permanent resident population of around 35k people. The Port of Gladstone is the fifth-largest multi-commodity port in Australia, and the world’s fourth-largest coal-exporting terminal, servicing extensive mining operations in the region.
For the past 19 years the Aussie has been owned and operated under full management by Sydney-based Irvin Hotel Group, in what has become a tightly held sector of Queensland’s coastal hotel market.
The sale follows the multi-state Group’s recent acquisition of the Brookvale Hotel on Sydney’s northern beaches, for circa $40 million.
The Young Aussie is already a reliable cashflow business, but with clear upside in key departments, including operations. The gaming room, holding over $6m in Coastal entitlements, would benefit from upgrading the semi-modern fleet, and implementation of TITO (Ticket in-Ticket Out) and CRT (cash redemption terminals).
Its Queensland hotel licence also provides for three detached bottleshops, which are not being utilised.
“Situated just 6.5 kilometres from the busy Gladstone airport, only a 55-minute flight from Brisbane’s domestic airport, it is accessible for both interstate and Brisbane-based people,” suggests HTL Property’s Brent McCarthy, marketing the opportunity with colleague Glenn Price.
Gladstone’s popularity and improved accessibility is making the area viable for an increasing number of visitors and FIFO workers, and potentially publicans, and hotel leases are few and far between.
This operation of the Young Aussie is being offered by way of Expressions of Interest, closing in April.
