The Alex Hotel on the Sunshine Coast has been listed for sale.
The vendors are seeking expressions of interest for the pub, for investors aiming “to capitalise on the Sunshine Coast’s booming real estate market”.
The 934sq m hotel between Caloundra and Noosa has leases and options in place until 2050. It has a current net annual income of $676,000, with function rooms, a bistro and 40 gaming machines.
The site is owned by ASX-listed Endeavour Group’s Australian Leisure and Hospitality arm, which was formerly owned by Woolworths and is one of the largest operators with more than 350 venues across the country.
CBRE’s Louisa Blennerhassett, Rem Rafter and Paul Fraser are managing the sale on behalf of a private, interstate-based family vendor.
“Alexandra Headland is one of the Sunshine Coast’s most popular beachside localities. It is a destination known for its pristine beach, as well as the vibrant community that exists around it, with a strong retail, entertainment and dining precinct,” Blennerhassett said.
“The Sunshine Coast is one of Australia’s fastest-growing, most dynamic locations. Growth in the region is expected to continue at an above-average rate for many years to come, driven by the world-class coastal location, population growth, and unprecedented investment in a wide range of infrastructure.”
The region has been an area of accelerated growth, reportedly needing a new suburb every year for the next 20 years to keep pace with population increases.
The Sunshine Coast Council has responded by investing in major developments such as the 15ha $430-million Sunshine Coast CBD.
“It’s not very often the opportunity arises to acquire an asset with the combination of a blue-chip tenant, tenure and location,” Fraser said.
“Due to this, we expect to see strong national enquiry throughout this campaign, off the back of a year in which Queensland’s pub industry saw exceptional growth.”
The expressions of interest campaign is due to close on Wednesday, March 1, 2023.
Article source: www.theurbandeveloper.com