By Clyde Mooney
A Newcastle hospitality icon has come onto the market and is expected to generate significant interest in a pub market that seems to be stirring as summer approaches.
Located within the city’s major entertainment precinct, the two-storey Queens Wharf Brewery on Wharf Road boasts an unbeatable waterfront position.
Expressions of interest are being fielded through a collaborative effort between Joel Fisher and Daniel Dragicevich of CB Richard Ellis and Mike Wheatley of Knight Frank, and close on September 22, 2011.
The hotel includes a ground and first floor bar, an a la carte restaurant, a gaming lounge with 15 poker machine entitlements, TAB facilities and a license for the adjoining Wharf area.
A DA approval has also paved the way for an alfresco gaming area and outdoor smoking solution.
The vendor has instructed that the property be sold, but joint ventures from passive investors interested in this solid-performing asset will also be entertained.
Dragicevich said the hotel was expected to appeal to a mix of traditional pub owners and operators, new entrants to the sector as well as newly established syndicates.
“The hotel has favourable lease terms until 2033, with the rental effectively set at 7 percent of annual turnover. The multi award-winning hotel has an excellent spread of trade with limited capital expenditure required,” Fisher added.