By Clyde Mooney
Following foreclosure in late 2013, receivers from McGrathNicol have listed the Surfair Tavern on the Sunshine Coast from Austin Ward, formerly of the Fox Hotel Group.
The property was purchased just prior to the GFC for a reported $15 million from prominent Queensland hotelier Chris Condon, but sources suggest it will not attract that kind of figure this time around.
A freehold going concern, the Surfair Tavern is located in the well patronised Ramada Marcoola Beach complex and just three kilometres from the airport. [continues below]
Managing the campaign, CBRE’s Glenn Price told TheShout the venue boasts significant “unrealised potential”.
“The sale provides an opportunity for hotel operators and investors to secure a well-appointed tavern with multiple income streams, and reposition the business to capitalise on the property’s prime location and strong trading potential,” said Price.
Fox Hotel Group (FHG) previously held a portfolio of Queensland venues including the massive Fox Hotel in Fortitude Valley, purchased last year and renovated by investment capital specialists Ashe Morgan.
FHG was de-listed in early 2013 with one of the stakeholders, Austin Ward, continuing the operation of the Surfair.
For more information about Australian pubs on the market, visit TheShout’s Pub Sales page