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  • Country pub listings reflect rural Queensland uplift

Country pub listings reflect rural Queensland uplift

Brisbane | 14 March 2017
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In what is a positive sign for Queensland’s rural pub market, Town and Country Pubs has decided to divest its two remaining pub offerings – Queens Hotel, Gladstone and Tandara Hotel, Sarina. The sale of both hotel’s present prospective purchasers with a counter-cyclical opportunity ripe for exploitation.  

Paul Fraser and Glenn Price from CBRE Hotels have been appointed to sell both the freehold going concern interests via a Public Expression of Interest campaign.

Mr Frasersaid the sales represented an attractive investment opportunity for parties looking at either a joint or individual acquisition.

“We envisage that the market will attribute strong value to these assets given their high cash flow potential and undoubtable counter cyclical buying,” Mr Fraser said.

“At the same time, the strong underlying intrinsic value in land property and gaming authorities presents as a very compelling surety in a market that has had more than its fair share of head winds.”

The Queens Hotel is centrally located on the corner of Goondoon and Williams Street’s in the Central Queensland regional city of Gladstone. Occupying a total site area of 3,854 sqm, the hotel operation comprising of bar, dining, function, gaming and accommodation facilities stands as a truly multi-faceted leisure asset. 

“Headlined by 23 gaming machines and 27 motel style accommodation rooms, the Queens exhibits all of the business fundamentals necessary to provide a great pub and motel offering for a city such as Gladstone,” Mr Fraser said.

On the state of Gladstone’s economy, Mr Fraser said that given the considerable recalibration of property and business’ that resource centric markets such as Gladstone had gone through, there was now a very significant opportunity for astute buyers to re-enter the market with an obvious counter cyclical strategy front of mind. 

“We are already seeing astute buyers looking back into these markets as an opportunity to create strong cash flow business’ over the short to medium term and wait for the economy to fire again.”

“Although Gladstone’s economy has certainly come off the boil from three years ago, infrastructure projects such as Southern Oil’s biofuel pilot plant, Queensland Energy Resources’ promise of an oil shale project, Casper Oil’s plan to invest in a brand new oil refinery as well as the 27,500 hectare ‘state development zone’ all have the potential to materially alter the economic landscape in Gladstone and its immediate surrounds.”  

“As such, properties such as Queens will value at a considerable discount versus where they were some years ago providing absolute value for money.”
 
Also located in Central Queensland, Sarina’s Tandara Hotel offers an incredibly consistent financial proposition. The single level pub is equipped with a public bar, bistro, gaming room featuring 31 gaming machines and an outdoor beer garden. The pub offering is complement by 15 motel style accommodation rooms.   

“The standout element of the Tandara Hotel has been its ability to achieve strong and consistent financial results amidst turbulent macro and micro economic conditions – this is a very real and tangible differentiator that prospective operators will value,” Mr Fraser said.

Mr Price commented that the uplift in the broader Queensland economy will add substantial intrinsic value to both the Queens and Tandara Hotel operations. 

“For the vendor, the timing is right to exit these assets providing an incoming operator considerable upside across the business’ plus an exciting exit opportunity as the regions begin to rebuild,” Mr Price said. 

Both the Queens Hotel and the Tandara Hotel are being offered for sale by way of Public Expressions of Interest closing April 12.  

For Australian/international news or global stories, follow us on Twitter: @cbreaustralia

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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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.

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