Tavern leased to Liquorland listed for sale in Brisbane's Mansfield

Tavern leased to Liquorland listed for sale in Brisbane's Mansfield
Tavern leased to Liquorland listed for sale in Brisbane's Mansfield

One of Brisbane’s last remaining ‘large format’ hotels, the Mansfield Tavern tenanted by Liquorland, has been listed for sale.

Located just 11 km from the Brisbane CBD, the Mansfield Tavern at 181 Wecker Road in Mansfield, is a popular venue incorporating a public bar, gaming room with 31 machines, entertainment space and detached function room/bistro. 

It sits on a 20,830 sqm land parcel.

CBRE Hotels’ Glenn Price, Paul Fraser and Daniel Dragicevich are selling the property via an expression of interest process.

Price said the property’s tenancy profile would attract strong buyer interest. The Mansfield Tavern and First Choice Liquor is leased to Wesfarmers subsidiary, Liquorland (Qld) Pty Ltd.

“In recent years, hotels leased to either Liquorland (Coles) or ALH (Woolworths) have been tightly held, with those that have come to the market being seen as prized assets by purchasers and subsequently strongly sought after,” Price said.

Mansfield Tavern has been leased to Liquorland for the past 20 years with a further five-year option available. Current rental income from the hotel is nearly $810,000 (excluding GST) with the freehold owner having the option to retain ownership of the gaming machines upon expiry of the lease.

Coles (Liquorland) is the country’s second largest hotel operator, with a portfolio of 98 hotels.

The suburb of Mansfield was originally developed as government housing estates, but has progressively been replaced by larger private residences in recent years.

These dwellings are overwhelmingly occupied by couple families largely because of nearby schools and higher education institutions.

Tavern leased to Liquorland listed for sale in Brisbane's Mansfield

“The Mansfield Tavern is a unique opportunity - not only due to the sheer scale of the site but also due to the term of the current lease," Price said.

Upon expiry of the lease, an investor could restructure a new lease, or for a hotelier, the opportunity offers the ability to run the hotel capitalising on the reversionary value of the business.

Dragicevich added that a “new hotel could be repositioned on the site, unlocking a large portion of the land which could then be developed into apartments, town houses, aged care or possibly retail uses subject to council approvals”.

 

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Brisbane Mansfield Tavern

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