February, 2018: fund manager picks up Bundaberg sports and gaming venue for close to $11 million
In a surprise purchase, an ASIC-registered Brisbane fund manager has snapped up one of Bundaberg’s most popular sports and gaming venues, paying close to $11 million for the 8.2 hectare site.
The venue, which includes a bistro, sports bar, beer garden, gaming machines and a large auditorium, will be leased back to the vendor, a well-established sporting club with 25,000 members. Bundaberg is the ninth-largest town in Queensland with a population of 70,000, and is around 4.5 hours drive north of Brisbane.
Commenting on the sale, Robert Stanley-Turner, from Box Commercial Estate Agents, said, ‘Hospitality purchases are rare for fund managers but this site is in a prime location surrounded by Coles, Harvey Norman, Bunnings and Bundaberg airport, near the entrance to Bundaberg on the Bruce Highway. Some of the land is taken up by sports fields but 8 hectares means there’s plenty of room to develop.’
Box Commercial consults to property syndicators across Australia, monitors sales and trends in group investments and refers individual investors to investor groups.
Mr Stanley-Turner also said a hotel would be a logical addition to the site, enabling the venue, which already has multiple dining options and a conference centre, to expand into a central hub for trade shows, conventions and seminars.
‘The club itself was founded in 1947 and there’s an option on the lease, and there’s also substantial upside in the site itself,’ Mr Stanley-Turner said. ‘This kind of investment has the best of both worlds.’