By Clyde Mooney – editor Australian Hotelier
Supermarket giant Coles is offloading two more hotel freeholds, in Queensland and for the first time in Western Australia.
Spurred on by the success of its sales late 2013, Coles is continuing with its plan to divest freehold investments leased to its pub operations and takeaway liquor divisions.
One of those up for grabs is the Victoria Park Hotel (pictured), just five kilometres outside Perth’s CBD, which is the first of these strategic sales to take place in WA.
Assets such as this have been in short supply in a state brimming with mining money and investment opportunities, and industry experts suggest interest could be hot. [continues below]
CBRE Hotels director – sales & leasing Joel Fisher and Burgess Rawson director Jamie Perlinger are jointly managing the campaign.
Both told TheShout they were unable to comment on the campaign.
Also on offer is the historic Old Bundy Tavern, in Bundaberg, for which it is believed Coles paid around $8 million in 2008.
Both properties are underpinned by long leases to Wesfarmers subsidiaries, with scheduled annual rent reviews.
A coordinated national auction will take place on April 2, linking sites in Sydney, Brisbane and Perth.