Varsity Lakes Tavern complex and Pimpama Central Tavern sell for over $60m

A well-known Brisbane family with extensive interests in property and law has doubled its money on the sale of a pub it bought for $16m less than a decade ago.

A well known Brisbane family with interests in property and law, have sold their Gold Coast pub complex for more than double what they paid for it nine years ago.

A Korean family based in Melbourne paid $38m for the freehold of the Varsity Lakes Tavern, Dan Murphy’s and Fitness First at Burleigh Waters.

The 1.7ha Burleigh Waters property was previously owned by company’s associated with the Ganim family which includes Joe Ganim who founded the Hopwood Ganim law firm.

They bought the property for $16.14m in 2012 and over the time completed a number of improvements.

Also, in another deal the soon to be completed Pimpama Central Tavern sold off the plan for $22.2m to a Brisbane-based high net worth investor.

Burgess Rawson partner Billy Holderhead said the two assets, at opposite ends of the Gold Coast’s rapidly growing corridor, demonstrated the underlying strength of Queensland’s pub market.

“Pubs are certainly appealing to investors looking to channel frustrated capital into high performing asset classes with quality tenants,” he said.

“Opportunities like these are few and far between and bidders were highly motivated.”

The Varsity Lakes Tavern and Dan Murphy’s is operated by leading hotelier and liquor retailer ALH, a subsidiary of Endeavour Group, and was jointly marketed by Savills Hotels and Burgess Rawson.

A representative of the Korean buyer said they had been looking for commercial investment properties in Victoria for 12 months before turning their sights to Queensland.

Varsity Lakes Tavern at Burleigh Waters on the Gold Coast.

Savills Hotels director Tony Bargwanna said interstate investors were highly motivated in

the Gold Coast market.

“Strong population and infrastructure growth on the Gold Coast, combined with the performance of pub assets in the region, is attracting high levels of interstate interest despite border closures,” he said.

“In this case, the property was purchased sight unseen.”

At the northern end of the Gold Coast, the Pimpama Central Tavern, at 27 Dixon Drive is due for completion in mid-2022.

The tavern is being developed and built by the ADCO Group the 7862sqm freehold site includes a drive-through bottle shop and is fully leased to the Good Times Pub Group, owned by Morris International.

An art

ADCO’s development director Richard Carmont said Pimpama Central Tavern’s location and long-term lease profile made it a compelling investment opportunity.

“Pimpama is one of the fastest growing regions in Queensland, and Australia,” Mr Carmont said.

“With this development we are delivering a well-designed tavern and bistro in a great location, with a rapidly growing population base and quality, long-term operator.

“Importantly, it’s a great asset and will be well received by the local community area when it opens next year.”

The sale of Pimpama Central Tavern was jointly marketed by Glenn Conridge, partner at Burgess Rawson and Pat Kelly, principal of Kelly & Co Property.

Mr Conridge said the expression of interest campaign attracted interest from across the country and internationally.

“Pimpama Central Tavern presented a rare opportunity to invest in a brand new, architecturally designed tavern on a massive corner site in the heart of one of the fastest-growing regions in the country,” he said.

“This is an excellent outcome for an exceptional investment opportunity and sets a new bar for the northern end of the Gold Coast.”