Pakenham Racing Club lists Cardinia Club

Pakenham Racing Club has listed the freehold investment of its popular Cardinia Club for sale with an $18 million plus price guide.

CBRE Hotels’ Scott Callow and Will Connolly have been appointed to market the well-established gaming and hospitality venue at 71 Racecourse Road, Pakenham.

It is underpinned by an initial 14-year lease, plus options, to Pakenham Racing Club.

The Club is situated on a 1.655ha landholding.

IT comprises 105 EGM’s, a popular bistro and dining facility, function rooms, sports bar and liquor licence for 425 patrons. 

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. 

Michael Hodge, the Chief Executive Officer of the Pakenham Racing Club, said offers close June 14 2018 at 4pm (AEST).