Melbourne, 31 October 2014 – The Seagulls Nest Club in Newport, Victoria has been listed for sale by a local private investor, with price expectations in excess of $13 million.
CBRE Hotels has been exclusively appointed to sell the freehold interest of the Seagulls Nest Club, located at 1 Mason Street, Newport. The freehold investment is being offered subject to an attractive long term lease to the Williamstown Football Club, who finished fourth in the Victorian Football League this year. The club itself operates as a modern gaming venue in a historic three storey structure, with an extensive sports bar and bistro dining for approximately 70 patrons.
Joseph Du Rieu and Scott Callow have been exclusively appointed to market the property, which has a passing income of approximately $1 million per annum. It is located approximately 10 kilometres west of the Melbourne CBD, via the West Gate Freeway in the evolving suburb of Newport.
Mr Du Rieu said; “Given the pent up demand for quality hotel investments backed by strong underlying businesses within the CBD and inner metropolitan Melbourne suburbs, we consider it likely that the asset will attract strong buyer demand.”
“The second half of the 2014 calendar year has seen a surge in the sales of pubs with strong gaming businesses underpinning the freehold investment. Four major venues have been sold since June, reflecting a worth in excess of $42 million. These sales have also brought about some yield compression, as evidenced by the sale of the Junction Club Moonee Ponds which transacted on a 6.3% initial yield,” Mr Callow added.
The property is for sale via an Expressions of Interest campaign, closing in late November.
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About CBRE Group, Inc.
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 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 350 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 atwww.cbre.com.au.