A SYDNEY-BASED investment company that owns multiple pubs on Australia’s East Coast has added the Jacobs Well Bayside Tavern freehold to their portfolio for $8.5 million.
The deal continued a trend that has seen investors from southern states pour money into the Queensland regions with the Gold Coast, Sunshine Coast, and now Bayside particularly popular.
The property was marketed and sold following a successful expressions of interest campaign by the Ray White Commercial Gold Coast trio of Greg Bell, Scott Wells, and Ross McVean.
“The amount of interest in this asset was quite staggering with more than 130 enquiries and all of the major players wanting to lay down a marker in regional Queensland,” Mr Bell said.
“As a result of the COVID-19 pandemic, there’s more interest than ever before in the Sunshine State, with pubs and taverns with coastal links proving to be like gold-dust.
“Queensland is providing an environment that we’ve simply never seen.
“When you combine the affordability of the state, the climate, historic low interest rates, and the relative safety from the COVID-19 pandemic, it’s the perfect recipe for buyers to invest their money.
“We’re expecting there to be a big uplift in migration here in the next generation and that’s why we’ve seen massive demand from interstate for secure asset classes like these.
“Such is the demand for pubs and taverns in Queensland, we’ve actually just listed two more assets off the back of the $8.5 million sale of 1770 Pimpama Jacobs Well Road.
Jacobs Well Tavern Bayside boasts a 3,946sq m* site opposite Jacobs Well Tourist Park – which houses 100* sites – and is adjacent to the Jacobs Well shopping village.
It is a multi-revenue business with a 140-seat restaurant, public bar, and 19 poker machines. It also provides a three-bedroom house and manager’s residence – with further development potential in the future, subject to council approval.
*Approximately.
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