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ANTHONY Moreton Group has landed a $4 million windfall from the sale of Hope Island Tavern after just two years of ownership.
The Brisbane-based developer, in partnership with the Pryde Group, acquired the tavern in March 2014 for $6 million and has just sold it for $10.2 million to private Brisbane investment company Tavgrow.
The sale of the former John Fish-controlled property comes on the heels of Anthony Moreton Group and Pryde Group starting construction on a $70 million high rise project, named The Beach Apartments, at Broadbeach.
Hope Island Tavern's market value has benefitted from a 15-year lease negotiated by the partners with Coles' Liquorland subsidiary.
The Hope Island precinct also has been buoyed by moves to kickstart the long-stalled Marina Quays town centre adjacent to the site.
Receivers to Marina Quays have sought planning approval for an 18,700sq retail centre for the retail precinct.
Hope Island Tavern comprises a land area of 9982sqm on Broadwater Avenue.
The property was marketed through an expressions-of-interest campaign conducted by Darrell Irwin, Stewart Gilchrist and Neil Scanlan of Colliers International.
Irwin says the property's long-term lease garnered strong interest from potential buyers.
"We had almost 100 enquiries and four offers to purchase before the campaign closed," Irwin says.
"In addition to its secure covenant, there is also potential for further development in the future as a significant balance of the site is still available, with the tavern gross floor area being a total of 1565sqm.
"The tavern is also part of the Hope Island town centre envisaged by previous owners.
"A development application has been lodged for the town centre's retail component on the land immediately west of the subject site.
"It is understood both Woolworths and Aldi have pre-committed to the project that is proposed to include 18,707sqm of gross floor area and 9686sqm of retail.
"Hope Island Tavern's facilities have been upgraded during the past year and include a public/sports bar, including TAB, a bistro and bar with significant back of house facilities, a gaming room with 40 gaming machines and a walk-in bottle shop."
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