Historic Mackay region hotel goes on the market
SARINA's Tandara Hotel is one of two remaining pubs listed for sale after being divested by the Queensland Town and Country Pubs group this week.
The venue, which features 15 motel-style accommodation rooms, 31 electronic gaming machines, an on-site bottle shop and detached bottle shop, will be sold by agents from CBRE Brisbane, who said it would likely sell for a fraction of its worth at the peak of the market.
The property is the only remaining pub in the district left within the Town and Country Club portfolio, and a natural progression for the group, which have been divesting its assets over the past 12 months.
CBRE Queensland associate director Glenn Price said the property has already attracted plenty of early enquiries and would likely attract a broad range of investors including hoteliers from Queensland and interstate.
"For the vendor, the timing is right to exit these assets, providing an incoming operator considerable upside across the business plus an exciting exit opportunity as the regions begin to rebuild,” Mr Price said.
"It is no secret the area has been heavily hit by the cooling of the sector. This means the hotel is likely to sell for only a fraction of what it was worth at the peak of the market, giving purchasers a potential uplift in the future as the sector returns.”
According to CBRE Queensland director Paul Fraser, the sale represents an attractive investment opportunity for parties looking at either a joint or individual acquisition.
"The standout element of the Tandara Hotel has been its ability to achieve strong and consistent financial results amidst turbulent economic conditions,” Mr Fraser said.
"This is a very real and tangible differentiator that prospective operators will value.
"The owners are prepared to meet the market on price and are asking purchasers to attribute a value to the improvements on the land and opportunity costs.”
Tandara Hotel venue manager Brad Bettines said it was business as usual for the hotel's 30 staff, who hope the change won't affect their jobs.
"We're just poweing on doing what we do best,” Mr Bettines said.
"We've been trading reasonably well in all departments considering the current economic climate.
"As for staff and jobs, no one really knows, that will depend on what kind of owner or operator comes on board.”
The property is located on a 5100sqm corner site at Broad St and Central St. Offers will be taken until April 12.