Pakenham Racing Club has listed the freehold investment of its popular Cardinia Club for sale with an $18million + price guide.
CBRE Hotels’ Scott Callow and Will Connolly have been exclusively appointed to market the well-established gaming and hospitality venue at 71 Racecourse Road, Pakenham, which is underpinned by an initial 14-year lease, plus options, to Pakenham Racing Club.
The Club is situated on a 1.655ha landholding and comprises 105 EGM’s, a popular bistro and dining facility, function rooms, sports bar and liquor licence for 425 patrons. Guests of the Club also benefit from substantial onsite carparking with surplus land available for future development (STCA).
Pakenham Racing Club recently sold an adjoining site for the development of a large accommodation motel which, once complete, will further generate demand for the Club facilities.
Mr Callow said the Club is anticipated to attract substantial interest from investors looking to capitalise on the lucrative gaming industry in Pakenham.
“The outstanding 15-year lease to the long-established Pakenham Racing Club offers the long-term prospect of strong annual growth and net returns,” Mr Callow said.
Mr Connolly added: “This listing is a key opportunity to acquire a significant gaming investment in one of Melbourne’s major growth corridors. Equally, the new 3.5-star motel, which is to be developed on the adjoining landholding, will further enhance the Club’s business operations.”
Michael Hodge, the Chief Executive Officer of the Pakenham Racing Club, said: “This is an outstanding long-term investment opportunity for potential buyers given the attractive yield and security offered by the Club via a long term secured lease”.
The Cardinia Club is to be offered for sale via Expression of Interest, closing Thursday, June 14 2018 at 4pm (AEST).
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