PEET OFFERS UP FLAGSTONE ‘FUTURE’ PUB

In On the Market by Clyde Mooney

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Publicly-listed Peet is offering up a prime tavern site at the centre of its huge Flagstone master development.

The greater Flagstone development is set to be one of Australia’s largest urban zoned greenfield projects, destined to become home to over 120,000 residents in 50,000 dwellings, around 45km south-west of Brisbane CBD.

Core to this will be Flagstone City, being a 126-ha focus of retail, commercial, industrial, educational, medical, civic and recreational uses. It is expected to enjoy a retail catchment of 20,000 by 2021, and eventually provide employment for over 10,000 people.

The huge project is being executed by Peet Limited (ASX: PPC), which has several such master-planned communities in its record and currently over 70 residential communities around the country.

A 3,975sqm plot of the city centre is earmarked for a tavern, with 78 metres of frontage on Homestead Drive, projected to see 30,000 passing cars per day, and adjacent to anchor tenant Coles, which is soon to begin construction of a supermarket.

As a strategic part of the project, the approval process through Economic Development Queensland (EDQ) will be streamlined. The owner and builder of the hotel will need to secure the necessary liquor and gaming licences, required for the business.

“It is anticipated that the bar/tavern would be a mix of ‘Food Premise’ and ‘Indoor Entertainment,” says the IM. “It is anticipated it will become a popular location for night-time dining and entertainment.”

The vendors must ensure the design is in sympathy with its surrounds, and require “family-friendly”, and construction to begin within two years of settlement.

Peet has listed the freehold property of the tavern site with Ray White Hotels’ Glenn Price, who agrees pubs and taverns are best built by industry specialists.

“They’re developers, they don’t understand pubs … they could build a pub there, but they might build it completely wrong for what an operator would want.

“It’s a good project for someone, and just shy of 4,000sqm of dirt, so you get a large format tavern on the site.”

The tavern site freehold is being offered via Expressions of Interest, closing Monday 26 February.