A landmark Southport pub has sold for $14.25 million, after being put on the market for the third time since Covid with RWC’s number one auction agent internationally.

Located at 42 Nerang Street, the Cecil Hotel was marketed by RWC Gold Coast agent Jackson Rameau on behalf of the sellers, a local-based investor and an Adelaide-based investor.

The 1,889sqm corner land parcel is anchored by ALH, with eight other tenants also leasing the property.

Mr Rameau said the property received an absolutely incredible amount of interest.

“We received 233 enquiries and several groups re-engaged interest, having launched it for the third time online since Covid,” he said.

“This was marketed to go to auction, given the prior interest lingering and the renewed WALE. I knew creating competition was paramount to a result.

“For my vendors’ best interest, cash unconditional was extremely crucial for them to move on with their other important aspects of reinvesting and I knew the shorter the settlement, the more serious the potential purchaser.

“After just 19 days on the market, six inspections and five-offers or contracts prior to auction. The Cecil Hotel sold for $14.25 million with a very short 14-day cash unconditional settlement prior to auction.”

The property was snapped up by Charter Hall.

“Charter Hall are arguably the largest owner of retail property in Australia and had done a building inspection, valuation and were privy to the site having looked at the site from a for many years,” Mr Rameau said.

“Both parties’ solicitors were in talks within 32 hours of the property relaunching online and all their due diligence was complete prior to auction with competition from four other parties prior to auction at various levels.”

Final comments from the marketing agent were: “The two private owners were delighted to have such a bonafide group acquire the holding and have no doubt that Charter Hall will make great use of the site's potential.”

Click here > to view more Pubs for sale or sold