One50 Public House in Bundall up for sale, marketed as having redevelopment potential

A well-known Gold Coast watering hole has been put up for sale, with the site being marketed as having potential to take an 18-storey building.

One50 Public House is on the market.

RIVERFRONT Bundall watering hole the One50 Public House is on the market in a move that signals an end to a six-year foray into the tavern business by developer John Hembrow.

The 150 Bundall Rd property, a favourite with staff from nearby city council offices, is being described as an “out of line asset” for Mr Hembrow and his Rayjon group.

They have, since buying the property from receivers seven years ago, turned it into a business netting nearly $1.3 million a year.

Mr Hembrow developed the Christine Corner and Treetops shopping centres at Burleigh and is part-way through a $200 million residential project, Vantage, overlooking the Royal Pines golf course at Benowa.

One50 is one of two titles, with the tavern on 1519 sqm at 150 Bundall Rd and accessed off Holden Place.

A 1625 sqm carpark – a prerequisite for the One50 building being used as a tavern – is on the opposite side of Holden Place and takes 63 vehicles.

The sites are being marketed as having redevelopment potential, with the potential to take 18-level buildings.

The tavern abuts the city council’s Waterside office towers and is across the water from the Corporate Centre office precinct.

An international expressions of interest campaign to sell the One50 is being run by Colliers International’s Steven King and James Holland in tandem with HTL Property’s Glenn Price and Brent McCarthy.

One50 Public House in Bundall is being marketed as having redevelopment potential.

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The tavern has two bars, a bistro, gaming room with 36 gaming machine authorities and the right to go to 40, function room, upstairs lounge bar and outdoor deck overlooking the Nerang River.

Mr Hembrow is a civil engineer who turned developer in 1976 and his projects included a tavern at his Christine Corner neighbourhood centre, a business sold to Coles’ Liquorland arm.

He bought the One50 property, which had run as the Surfers Rowers dining and entertainment venue for seven years, for $3.84 million in 2013.

A $3 million overhaul of the property, intended to create an up-market slant on a traditional pub and with a city vibe, was undertaken ahead of One50’s opening in 2014.

Mr King, Colliers’ Gold Coast director, yesterday said the One50 property offered significant development potential, with the ability to develop to a height of 54 metres.

“The Bundall commercial precinct is a sought after commercial precinct and is home to a wide array of multinational businesses, which will help further underpin the nature of any development.

“There is an opportunity, subject to approvals, for offices, apartments or hotel-style developments.”

HTL’s Mr McCarthy yesterday said a lack of available gaming machine authorities in southeast Queensland meant One50 potentially would be on the radar of both savvy hoteliers and developers, including a number of hoteliers with approvals for greenfield pub sites.

Expressions of interest in One50, which is accessed from 6-8 Holden Place, close on February 26.