Glenelg's Watermark hotel business for sale in landmark Adelaide offering

The Watermark in the beachside suburb of Glenelg is for sale through McGees Property Adelaide. Photo: Supplied

Adjacent to the coast and marina at 631 Anzac Highway, the Watermark has been operated by a family of local hoteliers, the Elmes, for more than 25 years.

With more than 3600-square-metre of building area, it was the largest hotel offering for more than 15 years and the type of opportunity that did not come up often, Mr Clarke said.

Potential buyers had been quick to respond even though the property was pre-released to the market only this past week.

“It’s one of the few family-owned an operated venues of this size left in Adelaide,” he said.

“It’s very much a meeting place for locals but also very popular with tourists as well.”

The leasehold and business is for sale through an expressions-of-interest campaign, with a 40-year lease available. However, the owners were prepared to negotiate with “qualified buyers” for the freehold component, Mr Clarke said.

The hotel was refurbished in 2001 and also has a buffet restaurant which has won multiple AHA awards.

It was one of the few venues in Adelaide that had the maximum allocation of 40 gaming machines operating, Mr Clarke said.

Other facilities include a sports bar, cocktail bar and alfresco area as well as a modern 14-room motel, a bottle shop with a two-lane drive-through together with 137 car parks on site.