Gracemere Hotel, Ribs and Rumps, The Coffee Club and Emu Park Village for sale
A number of major tenanted properties have hit the market, including an iconic venue in Gracemere, CBD waterfront restaurants in Rockhampton and a shopping centre on the Capricorn Coast. Full details.
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A number of major tenanted properties have hit the market, including an iconic venue in Gracemere, CBD waterfront restaurants in Rockhampton and a shopping centre on the Capricorn Coast.
Gracemere Hotel, located at 2 Old Capricorn Highway, Gracemere, is being sold through HTL Property in Sydney.
The popular venue is situated on about 3970 sqm, with an additional 3288 sqm landholding.
It is the only hotel servicing Gracemere and includes a drive through bottle shop.
Other facilities include TAB, gaming room, public bar, bistro, large beer garden and kids’ play area.
Gracemere Hotel has interstate owners operating under a management structure.
Expressions of interest close on April 28 at 4pm.
Lots 1 and 2/5 East Street, Rockhampton City, are being sold through Burgess Rawson in Brisbane.
Situated at Lot 1 is Ribs and Rumps which has an 11 and a half year lease with options to 2036.
Situated at Lot 2 is Coffee Club and Pacinos and both have a 10 year lease with options to 2034.
The three restaurants are situated under the Empire Hotel on 987 sqm and make up Rockhampton’s largest riverfront dining precinct.
Director of sales Glenn Conridge said the two lots were to be sold in one line or separately.
“They are two separate titles,” Mr Conridge said.
“Ribs and Rumps sits on its own title, and Pacinos and Coffee Club is originally a single lot.
“When the tenancies went in there ages ago Coffee Club wanted that size and Pacinos wanted that size and they just split them.
“Expressions of interest close on Friday next week.”
He said there had been “quite a bit of interest” from both interstate and Queensland buyers, with about 57 inquiries.
Tenants pay outgoings as per the lease, with the net income for Lot 1 $193,226 per annum and $232,513 per annum for Lot 2.
Emu Park Village shopping centre, located at 16-22 Emu Street, Emu Park, is being sold through Savills in Brisbane.
The shopping centre is fully leased and includes Drakes Supermarket, a cafe, chemist and TSG Tobacco plus a first floor office tenant and one ATM.
The complex was developed in 2011 and last sold in June 2017 for $12.17 million.
It features parking for about 63 vehicles plus off-street parking.
The net income for the complex is about $982,747 per annum.
Expressions of interest have closed.
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