Sugarland Tavern up for sale
IF OWNING a pub is on your bucket list, today could be the day you decide to turn that dream into reality.
Improving market conditions and renewed investor confidence are the key reasons why Australian hotel operator, AT Hotels Group will test the water and officially put Sugarland Tavern on the market today.
AT Hotel Group director and Sugarland Tavern part owner Scott Armstrong said a small syndicate of owners had decided now was the time to look at selling the multi-faceted freehold property.
"We've had it now for about 10 years and we've collectively decided after 10 years to try to sell and potentially do some other things," he said.
Mr Armstrong said the sale would include the tavern, attached bottleshop and three detached Celebrations bottleshops - one each at Sugarland Shoppingtown, Southside and Northway Plaza.
"It's freehold, not leased so it's a big 1.4 hectare site," he said.
With a team of about 45 staff, Mr Armstrong said his recommendation to any potential buyer would be to maintain the existing staff.
"Running a business needs good staff and we are very proud of the strong team we have built up over the years," he said.
"I would be recommending to any buyer that they keep the same staff on board."
Listed with JLL Hotels & Hospitality Group, investment sales director John Musca said both the pub and gaming markets were awash with opportunities as investors sought to enter the strengthening Queensland market, while astute operators saw it as a good time to find out their true portfolio value.
"Queensland is starting to show strong signs of a resurgence moving into 2015," he said.
"Queensland's positive outlook has been brought on by a number of factors including bank lending criteria, record low interest rates and relaxation of state gaming legislation. There was a flurry of activity towards the end of 2014.
"The current climate makes for an obvious migration for New South Wales' hotel operators to Queensland, especially those looking at increasing their scale in the market."
The Sugarland Tavern sale is being run as an Expression of Interest campaign which closes on April 2 this year.