Coles sells off two hotels for total of $13.22 million
A keenly contested bidding process saw two hotel investments owned by Coles in Queensland and Western Australia sell for a total of $13.22 million.
The Old Bundy Tavern in Bundaberg, Queensland, sold for $7.7 million to a Brisbane-based family. The sale reflected a yield of 8.18 %.
A Sydney-based doctor was the end buyer of the Victoria Park Hotel in Perth (pictured above) for $5.525 million - equalling a yield of 5.79%.
CBRE’s Joel Fisher, Glenn Price and Ryan McGinnity, in conjunction with Billy Holderhead of Burgess Rawson handled the sale.
The Old Bundy Tavern and First Choice Liquor outlet is leased to Liquorland for a 15-year term with five 10-year options.
The refurbished hotel is on a 3,380 square metre site and includes an 886 square metre freestanding First Choice Liquor store. The hotel includes four bars, a large bistro, gaming lounge with 30 machines, function room and on-site parking for 28 cars.
The Victoria Park Hotel also has a 15-year lease to Liquorland and features four bars, a function centre, underground cellar, drive-through bottle shop and alfresco area.
