A property fund manager has recently contracted to purchase the freehold of this well-known licensed club. They were attracted to the property for its rental income, large land size and long lease term.
Investors will be offered the opportunity to co-invest and share the income generated by this investment. Fund managers typically offer participation from around $50,000, with income distribution derived from the rental income paid every second month.
The investment is under contract with a commencing rental of $1,200,000 per annum with annual reviews to CPI and a commencing lease term of 13 years, and a selling price of about $16 million. It is being purchased with a lease-back to the club itself. At that purchase price, the initial net return will be about 7.5% per annum.
The club itself was established in 1875, and they built these premises as an annex to their original building in 1996 to diversify income streams and enable them to better service their community. The venue, which includes a bistro, sports bar, beer garden, gaming machines, has a liquor licence for 425 patrons. Guests of the club also benefit from substantial onsite car parking with surplus land available for future development (STCA). The land area is 1.665 HA of which there is 2757sqm of available land for development.
For further information about this property, or the sales transaction, or for referral to the fund manager, please contact Robert Stanley-Turner on 0418 98 2000 or by filling out the form in the right side bar.