The Redcliffe Tavern, prominently positioned in a high-exposure corner location in the commercial heart of the Redcliffe peninsular, north of Brisbane, has been sold for $15 million.
The off-market sale, on behalf of the property’s private owner, was negotiated by Jon Tyson and Peter Tyson of Savills Retail Sales.
The property, comprising a modern freestanding tavern and First Choice Liquor Superstore, was acquired by a private investor on a yield of approximately 6%.
Peter Tyson said the sale reflected the high-profile positioning and blue-chip tenancy profile of the property.
“The Redcliffe Tavern occupies a prime corner location, adjoining the Bluewater Square Shopping Centre, in central Redcliffe. The property is leased to Liquorland (Qld) Pty Ltd, the major liquor division of Coles Group Ltd, on a 20-year lease to 2029 with two further 10-year options,” he said.
“This provides long-term rental income security on a net lease, where the tenant is responsible for all ongoing outgoings. The quality of the lease covenant and the prominent location was an attractive combination for investors.”
The Redcliffe Tavern, developed in circa 2009, is set on a 2,498sq m site at 32 Anzac Avenue, Redcliffe, approximately 28km north of the Brisbane CBD. The site has excellent exposure and access with frontages to both John Street and Anzac Avenue.
The property features a total lettable area of 1,464sq m and also includes grade-level and basement parking for approximately 91 vehicles. Additional parking is located in an adjacent Council owned public car park with some 225 car spaces.
Jon Tyson said such well-positioned and well-leased investment opportunities are rarely offered to the market and, as such, are high sought after by investors.
“The modern tavern and First Choice Liquor Superstore is underpinned by the security of a long-term lease to a subsidiary of Coles Group Ltd, parented by ASX Top 100 Wesfarmers Ltd. This blue-chip lease covenant complements the high-profile corner positioning in the main commercial hub of Redcliffe, immediately adjoining the Woolworths-anchored Bluewater Square Shopping Centre and a large public car park,” he said.