A Sydney publican is divesting his booming Surfer’s Paradise pub, as Queensland hotel assets greet a thirsty 2016 market.
George Fleming has owned Melba’s on the Park for a number of years, and following its massive reinvigoration has determined to test the market for the top-performing tourist town hotel.
Located just off the Gold Coast Highway on the popular Cavill Ave entertainment strip, the pub features a restaurant and bar, function space, new gaming room with 40 EGMs and a nightclub on the first floor, over 1,653 m².
The gaming room was relocated and completely re-vamped in recent years, and has led the hotel’s sustained success with a 245 per cent increase in gaming revenue since 2013.
JLL Hotels has been appointed to market the hotel, and director Paul Fraser told PubTIC that the uplift in the area has prompted the Sydney-based owner to look at a timely exit.
“Since the hotel was reinvigorated it has shown a new lease of life across all income streams,” said Fraser.
“[Its] ability to provide such a huge cash flow across a diverse offering makes this property an extremely attractive proposition.”
The northern capital and surrounding regions have been experiencing “increased sentiment”, says Fraser, including infrastructure, residential development and a “strong appetite for Gold Coast assets”.
National Director John Musca says conditions favour Queensland hospitality and leisure.
“The completion of some important infrastructure projects, increased elective spending and the softening AUD has really been a catalyst for the resurgence in this world famous leisure market.”
Melba’s on the Park is being offered via an Expression of Interest campaign, closing 2 March.