The buildings housing two of Townsville’s best known watering holes, the Mad Cow and the Wild Goose, have been listed for sale in a move tipped to generate significant buyer interest.
CBRE has been exclusively appointed to manage the sale of the neighbouring properties and an adjoining block of vacant land on behalf of owner Reelaw Pty Ltd.
The assets occupy a combined 1,691sqm two street land parcel in the heart of Townsville’s Flinders Street Entertainment Precinct.
CBRE Hotels’ National Pubs Director Paul Fraser said, “An incoming owner will be purchasing assets with an established long term tenancy profile, with the Mad Cow regarded as one of Townsville’s most renowned bars with a successful 25-year track record.”
Mr Fraser noted that the triple net structured leases on both bars, with ratcheted annual increases, personal guarantees, and tenant responsible for all outgoings, would be a major investor drawcard.
“There is huge reversionary value on lease expiry across both tenancies with the ability to sell on both businesses, retain the high cash flow income, redevelop the entire site or immediately develop the current vacant 778sqm site subject to the relevant planning approvals,” Mr Fraser said.
The properties are being offered for sale in one line and or individually by Expressions of Interest closing 24th March 2022.
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