National and international interest focused on Magnetic Island pubs
Two of Magnetic Island’s most popular tourism assets and hotel properties are being marketed for sale as the COVID-19 pandemic refocuses interest on domestic tourism.
Townsville
Don't miss out on the headlines from Townsville. Followed categories will be added to My News.
Two of Magnetic Island’s most popular tourism assets and hotel properties are being marketed for sale as the COVID-19 pandemic refocuses interest on domestic tourism.
Both the Picnic Bay Hotel and The Marlin Bar are being offered for sale in one line.
Knight Frank Townsville partner and head of agency Paul Dury and sales and leasing executive Mark Fitzgerald have been appointed to market the properties.
Mr Dury said the timing of the campaign could not be better with the market supporting strong demand for well located, A-grade, freehold going-concern hotels.
“We believe that Queensland tourist locations will be sought after, especially after border restrictions are eased and Australians look to travel domestically,” Mr Dury said.
“There are very few places in Queensland that offer what Magnetic Island can offer.
“Well operated and island-located commercial hotels with absolute beachfront positions are viewed as a safe investment with larger scale hotel operators now looking to regional areas to expand their property portfolios.”
Positioned on The Esplanade of Picnic Bay, the 1.1ha Picnic Bay Hotel holding is being offered with onsite owner’s accommodation, indoor and outdoor dining restaurant and onsite and detached bottle shop.
The property maintains a 20-poker machine gaming area, accompanied by Keno and TAB facilities, and a fully operational function centre.
Other facilities, which are not operating, including 23 on-site motel rooms and swimming pool.
An adjoining property is a development site which previously held a development application for apartments.
The hotel was once very popular with backpackers and hit the headlines 20 years ago when a former owner gained approval to hold a 5m crocodile in a pen adjoining the nightclub as an attraction.
The Marlin Bar in Pacific Drive, Horseshoe Bay, comprises a 1019sq m property, providing both indoor and outdoor restaurant facilities, onsite bottle shop and on-site and off-site parking.
There are few places better to have a drink on a hot day in the tavern overlooking the beach and boats at Horseshoe Bay
Mr Fitzgerald said both properties were expected to receive strong interest from local, interstate and intrastate hotel operators.
The businesses were operationally strong with multiple revenue streams in superb locations.
“We are very excited to have two profitable businesses for sale in a piece of paradise,” Mr Fitzgerald said. “The Picnic Bay Hotel is obviously the big operation out of the two businesses but it also has the most upside, with future income from the motel, further growth in gaming and the opportunity with the development site.”
Both properties are being offered for sale by expression of interest closing on October 22.
Originally published as National and international interest focused on Magnetic Island pubs
Townsville’s best gym crowned for 2024
Townsville’s most popular gym has retained their top spot as they reflect on a year of upgrades, a recent venture down south and an exciting announcement for one of their locations.
‘Ute tax’ fears reignited over new car pollution cap
The Coalition has raised concerns new car pollution caps could drive up the cost of family and tradie-friendly SUVs and utes ahead of the Prime Minister’s crunch meetings with Asian leaders.