Hope Island Tavern in Gold Coast sells for $10.2 million to Brisbane investor

Hope Island Tavern in Gold Coast sells for $10.2 million to Brisbane investor
Hope Island Tavern in Gold Coast sells for $10.2 million to Brisbane investor

Hope Island Tavern in north Gold Coast region has fetched $10.2 million, with the new owners from Brisbane buying it via a company called Tavgrow.

The 9,982 sqm site, situated on the major access route of Broadwater Avenue, was marketed via an expressions of interest campaign by Darrell Irwin, Stewart Gilchrist and Neil Scanlan of Colliers International.

The freehold investment property attracted more than 100 enquiries and offers because of its secure long-term lease until 2029 with eight five-year options, said Irwin.

In addition to its secure covenant, there is also potential for further development in the future as a significant balance of the site is still available, with the tavern gross floor area being a total of 1,565 sqm, he added.

Hope Island Tavern underwent an upgrade in the past year which includes a public/sports bar, including TAB, a bistro and bar, a gaming room with 40 machines and a walk-in bottle shop.

It was previously owned by Anthony Moreton Group and Pryde Group, who bought it for $6 million in May 2014, after which a 15-year term lease was secured to Coles’ subsidiary, Liquorland.

“The tavern is also part of the Hope Island town centre envisaged by previous owners,” said Irwin.

“A Development Application has been lodged for the town centre’s retail component on the land immediately west of the subject site. It is understood both Woolworths and Aldi have pre-committed to the project that is proposed to include 18,707 sqm of gross floor area and 9,686 sqm of retail.”

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Gold Coast Commercial Sale

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