Ray White Commercial (WA) are pleased to offer for sale the freehold interest in the Geraldton Hotel and Vibe Nightclub which offers an unrivalled opportunity to secure a prime leased hospitality investment at a yield of 10.98% in the city of Geraldton, the capital of the Mid West.
Nb: The leasehold (business) interest is also available for sale which offers another opportunity for an operator/investor to purchase both freehold and business and benefit from the significant cashflow that is on offer.
The Geraldton Hotel is a significant and historical hotel built in 1862 and has had social significance as a place of entertainment. Having been significantly renovated and refurbished over the years the Geraldton Hotel is a well established food & beverage venue situated in a highly visible and prominent location in the heart of Geraldton CBD with street frontage to Gregory Street, Fitzgerald Street and Lester Avenue. This is a significant hospitality property asset that are tightly held and rarely offered for sale.
Investment highlights;
• Securely leased investment
• Yield 10.98%
• Well established tenant
• A substantial two storey, heritage listed hotel building, with arguably the best beer garden in Geraldton
• Total land area: 4,217 sqm
• Hotel licence and Nightclub licence
• Lease Term: 5 years
• Lease commencement date: 28 February 2017
• Options: 5 years + 5 years + 5 years (first option period commenced 28 February 2022)
• Net rent: $280,000 per annum + GST
The Geraldton Hotel and The Vibe Nightclub have been developed over three separately titled lots with a total area of approximately 4,217sqm with the hotel comprising a large two level brick and iron building with an large beer garden and entertainment area, which separates the hotel from the nightclub.
The hotel has been approved for the following accommodation numbers;
• Beer garden - 600 maximum
• Front/public bar - 160 maximum
• Dining room/alfresco - 165 maximum
• Maximum of 600 persons at any one time
The Vibe Nightclub was renovated in mid 2000's and is a freestanding substantially improved two level building, prominently situated on the corner of Fitzgerald Street and Lester Avenue.
The nightclub has been approved for the following accommodation numbers;
• Bar and dancefloor area (ground floor and upper level) - 310 maximum
• Outdoor area - 128 maximum
• Maximum of 438 persons at any one time
For further information or to arrange an inspection, please contact the agent below:
Phil Zoiti
Ray White Commercial WA
0419 993 656
phil.zoiti@raywhite.com
