Perth, 29 June 2016 –CBRE has been appointed to sell the Geraldton Hotel and Vibe nightclub.
Located in the coastal city of Geraldton, in Western Australia’s mid-west region, the Geraldton Hotel and Vibe Club are regarded as one of the town’s best performing pubs and late night venues.
The hotel and nightclub, located at 19 & 23 Gregory Street and 38 Fitzgerald Street, are positioned on a land area exceeding 4,200sqm. The assets are operated as two distinct venues.
The two storey hotel comprises ground floors bars, a TAB and restaurant, as well as upper level accommodation.Adjoining the hotel is the Vibe nightclub - a late night venue operating several nights a week with bars, dancefloors and a DJ booth.
CBRE Hotels’ David Kennedy and Ryan McGinnity have been appointed to sell or lease the asset, which has undergone a major refurbishment program over the past two years, repositioning it as a premium regional venue.
Exceeding $1 million, the capital works program included new toilets, coolrooms, roof and ceiling replacement, as well as a refurbished kitchen, restaurant and bottleshop. The upgrades complement previous renovations to rooms and other trading areas.
“The hotel and nightclub are well positioned in the city and have a large site area allowing for car parking as well as a large alfresco garden courtyard,” Mr Kennedy said.
CBRE’s Mr McGinnity said the hotel offered both holding income security as well as scope for future development potential.
“The hotel’s trade is still growing and further potential exists to finish off three ensuite rooms with cosmetic furnishings to make them operational with council approval,” Mr McGinnity said.
“Furthermore on the first floor, there are nine rooms, which can be converted to provide backpacker accommodation with communal facilities.”
The property currently generates an income exceeding $80,000 per week.
The venue is being offered for sale on a Walk In Walk Out basis, plus stock or lease by negotiation.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.