The Homestead Tavern in North Brisbane has been listed for sale – unlocking a unique opportunity to acquire a renowned freehold going concern tavern in the tightly held South East Queensland market.
CBRE Hotels has been appointed to sell Homestead Tavern – one of the largest taverns of its kind in such close proximity to the Brisbane CBD – via a Public Expression of Interest campaign.
Located on an expansive 7,550sqm landholding, the large format tavern has been continually renovated in recent years – ensuring it offers a modern pub venue that attracts strong consistent patronage.
The Homestead Tavern includes 114 onsite car spaces, as well as a dual lane drive through with high exposure to Zillmere Road. The site lends itself to further development with either a Motel/ Hotel or liquor barrn a natural fit to the current operation.
CBRE’s Paul Fraser, who is selling the freehold going concern in conjunction with Daniel Dragicevich, said the property represented an attractive investment opportunity in a notoriously tightly held market.
“This trophy asset on a huge landholding has a long history of consistent performance that is expected to attract significant interest from investors – including local, interstate and offshore groups,” Mr Fraser said.
“The opportunity to acquire a tavern of this size – and located so close to the Brisbane CBD – is quite unique, which is also likely to ignite interest from developers looking to take advantage of its future development potential.”
The venue features a gaming room with 43 high performing machines, large central public bar, TAB area, restaurant, and separate upstairs function area that can sit 120 people and has its own lift access.
Mr Dragicevich said the tavern’s prominent position within a tightly held market would underpin strong investor interest and likely spark substantial interest from Sydney operators looking to gain a foothold in the Queensland market.
“There has been a noticeable increase in appetite from traditional New South Wale hoteliers in quality Queensland assets in recent times – as demonstrated by the sale of the Acacia Ridge Hotel, Boathouse Tavern and Treetops Tavern, which all sold to interstate parties. The lack of available stock in Sydney especially, has led to this buyer migration as the underlying fundamentals of the South East Queensland market remain strong.”
Homestead Tavern is being offered for sale by way of Public Expressions of Interest closing October 5.
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 (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
