Homestead Tavern – one of the largest taverns of its kind in such close proximity to the Brisbane CBD – has been listed for sale via a Public Expression of Interest campaign.
Located on an expansive 7,550sqm landholding, the large format tavern has been continually renovated in recent years, ensuring it offers a modern pub venue that attracts strong consistent patronage.
The Homestead Tavern includes 114 onsite car spaces, as well as a dual lane drive through with high exposure to Zillmere Road.
CBRE’s Paul Fraser, who is selling the freehold going concern in conjunction with Daniel Dragicevich, said the property represented an attractive investment opportunity in a notoriously tightly held market.
“This trophy asset on a huge landholding has a long history of consistent performance that is expected to attract significant interest from investors including local, interstate and offshore groups,” Mr Fraser said.
“The opportunity to acquire a tavern of this size – and located so close to the Brisbane CBD – is quite unique, which is also likely to ignite interest from developers looking to take advantage of its future development potential.”
The venue features a gaming room with 43 high performing machines, large central public bar, TAB area, restaurant, and separate upstairs function area that can sit 120 people and has its own lift access.
Mr Dragicevich said the tavern’s prominent position within a tightly held market would underpin strong investor interest and likely spark substantial interest from Sydney operators looking to gain a foothold in the Queensland market.
“There has been a noticeable increase in appetite from traditional New South Wale hoteliers in quality Queensland assets in recent times – as demonstrated by the sale of the Acacia Ridge Hotel, Boathouse Tavern and Treetops Tavern, which all sold to interstate parties.
“The lack of available stock in Sydney especially, has led to this buyer migration as the underlying fundamentals of the South East Queensland market remain strong.”
Homestead Tavern is being offered for sale by way of Public Expressions of Interest closing October 5, 2016.