Stronghold Investment Management has acquired the Cardinia Club, a freehold investment in Melbourne’s Pakenham.
Stronghold purchased the property as a trustee for the Stronghold Hospitality Property Trust No.15, a Brisbane based fund manager with several freehold investments in the hospitality industry.
The well-established Cardinia Club has 105 EGM’s, a large bistro, upmarket sports bar and multiple function rooms.
The venue was originally part of the Pakenham Racecourse before the Pakenham Racing Club moved its operations to a new racing facility at Tynong North.
CBRE Hotels’ Senior Director, Scott Callow, negotiated the sale on behalf of the Pakenham Racing Club.
Mr Callow noted that, with a new 13-year lease to Pakenham Racing Club, Stronghold is projecting an initial cash return of 7.5% per annum for its wholesale investors.
“This gaming investment generated a significant level of interest from the market, but it took an informed investor like Stronghold to recognise the strength of this opportunity with Pakenham Racing Club as its tenant,” Mr Callow said.
Steve de Nys, Head of Property at Stronghold, commented; “We understand this industry and like the proven trading history of this operation.”
“Established in 1875, with circa 160 employees and three venues, our investors were attracted to the quality covenant offered by the Pakenham Racing Club,” Mr de Nys said.
Stronghold purchased the property as a trustee for the Stronghold Hospitality Property Trust No.15, a Brisbane based fund manager with several freehold investments in the hospitality industry.
The well-established Cardinia Club has 105 EGM’s, a large bistro, upmarket sports bar and multiple function rooms.
The venue was originally part of the Pakenham Racecourse before the Pakenham Racing Club moved its operations to a new racing facility at Tynong North.
CBRE Hotels’ Senior Director, Scott Callow, negotiated the sale on behalf of the Pakenham Racing Club.
Mr Callow noted that, with a new 13-year lease to Pakenham Racing Club, Stronghold is projecting an initial cash return of 7.5% per annum for its wholesale investors.
“This gaming investment generated a significant level of interest from the market, but it took an informed investor like Stronghold to recognise the strength of this opportunity with Pakenham Racing Club as its tenant,” Mr Callow said.
Steve de Nys, Head of Property at Stronghold, commented; “We understand this industry and like the proven trading history of this operation.”
“Established in 1875, with circa 160 employees and three venues, our investors were attracted to the quality covenant offered by the Pakenham Racing Club,” Mr de Nys said.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.
