Sydney investors buy regional QLD pub
The soaring Australian pub sales market is continuing its strong run, with a Sydney-based investment group adding the Jacobs Well Bayside Tavern freehold to its portfolio of Australian East Coast pubs, for $8.5m.
Jacobs Well is a suburb of the City of Gold Coast, located on the delta of the Pimpana River as is known as the gateway to Southern Moreton Bay.
The hotel was marketed and sold following a successful expressions of interest campaign by the Ray White Commercial Gold Coast trio of Greg Bell, Scott Wells, and Ross McVean.
“The amount of interest in this asset was quite staggering with more than 130 enquiries and all of the major players wanting to lay down a marker in regional Queensland,” Bell said.
“As a result of the COVID-19 pandemic, there’s more interest than ever before in the Sunshine State, with pubs and taverns with coastal links proving to be like gold-dust.
“Queensland is providing an environment that we’ve simply never seen.
“When you combine the affordability of the state, the climate, historic low interest rates and the relative safety from the COVID-19 pandemic, it’s the perfect recipe for buyers to invest their money.
“We’re expecting there to be a big uplift in migration here in the next generation and that’s why we’ve seen massive demand from interstate for secure asset classes like these.
“Such is the demand for pubs and taverns in Queensland, we’ve actually just listed two more assets off the back of the $8.5 million sale of 1770 Pimpama Jacobs Well Road.”
Boasting over 3900sqm the hotel features a 140-seat restaurant, public bar, 19 poker machines, and a three-bedroom house and manager’s residence.