Horseracing identity and hotelier Leigh Wanless has listed his Westside Tavern and Motel, boasting an approved DA and big potential at the gateway to the Fraser Coast.
Wanless stems from one of Queensland’s most prominent racing families, and has been part of the state’s racing industry for more than four decades.
For the past two decades he has been keeper of the Westside. He previously held title to the nearby Granville Tavern and Aussie Hotel, but has since divested both.
Located in a high growth area of Maryborough, a little over a kilometre from the Bruce Highway and four from the Maryborough CBD, on offer is the Tavern, motel, retail centre and development opportunity on unused land.
The Tavern incorporates public bar, gaming operation with 25 machines, fully equipped commercial kitchen, outdoor areas, and a successful drive-through bottleshop, holding a competition exclusion zone as per the state’s regulations, but none of the permitted satellite retail outlets.
The motel comprises 15 oversized rooms with kitchenettes and two parking spaces per room, with potential to increase capacity.
Adjacent to the Tavern is the retail strip, holding seven strong tenants in long leases with annual increases, providing secure passive income and ample parking.
Behind the existing structures is approximately 2ha of vacant land that is already DA-approved for a relocatable (manufactured) homes estate (MHE) sporting 52 sites.
The total land area is 3.24ha, under one title, and being sold in one line.
The business reports gross annual turnover north of $5 million for FY22. Hitting the market last week, agents are looking at offers of circa $15 million.
While the MHE crowd is reportedly showing a lot of interest, the ultimate buyer is more likely a Tavern operator drawn to the return and opportunity of coastal Queensland.
“NSW assets are being sold on a much tighter yield,” notes Ray White Commercial’s Nathan Huxham, marketing the property with colleague Ryan Langham.
“The large tavern acquisition guys are enquiring, and a lot of private syndicates, then the MHE guys are only interested in the vacant lot.”
The freehold going concern of the Westside Tavern and Motel, with surplus land, is being sold through an Offers to Purchase campaign.
