The Burleigh Waters based Varsity Lakes Tavern, Dan Murphy’s and Fitness First has been sold in an Expressions of Interest campaign that was conducted by Tony Bargwanna and Joseph Ganim of Savills Hotels, and in conjunction with Billy Holderhead and Matthew Wright of Burgess Rawson, the team got to a $38m price point, which closes out a very good year for the hospitality asset class. 

The ALH tenanted tavern and retail outlet is a top performing venue for the leading national hotel operator, which is a subsidiary of Endeavour Group, and the gym is a flagship site for the top tier fitness operator, which forms a strong basis for investment for the Korean Family who were fortunate enough to succeed in the bidding that saw some very stern financial institutes and fund managers getting involved, and who are interested in the stability of such strongly tenanted properties.  The agents involved have seen a huge spike in performance for investor related hospitality venues which hold the firm covenants that ALH offer to their vendors, and the addition of the gym and the popularity that they have experienced of late due to stability in their own holdings, has once again added appeal to how the asset class is being viewed. Tony Bargwanna, National Director of Savills Hotels, had this to say about the successful campaign, “The strength of pubs that have backing from such entities as Endeavour Group and Woolworths, have once again provided keen investors with a fantastic chance to partner with bolstered firms who will enjoy exponential growth as we move into the next faze of what this asset class will offer to the individuals and fund groups that are currently targeting these diversified properties, and the covenants that the tenants are providing to their vendors.”

To request a sales analysis please contact the selling agents via the below contact details.

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