Investor snaps up popular Gold Coast pub for $8.5m

 Investor snaps up popular Gold Coast pub for $8.5m

A Sydney-based investor has purchased a popular Gold Coast watering hole as the demand for prime commercial properties shows no sign of slowing.

Jacobs Well Bayside Tavern in Pimpana was the subject of intense interest before being secured for $8.5 million by the investor that already owns numerous pubs on Australia’s East Coast.

The property was sold by Ray White’s Commercial Gold Coast team who say they were inundated with interest from prospective buyers looking to get their hands on the well-loved tavern.

“The amount of interest in this asset was quite staggering with more than 130 enquiries and all of the major players wanting to lay down a marker in regional Queensland,” says Director Greg Bell.

“As a result of the COVID-19 pandemic, there’s more interest than ever before in the Sunshine State, with pubs and taverns with coastal links proving to be like gold-dust,” he says.

The sale comes as buyers from the southern states continue to spend big and acquire similar sites in popular tourism destinations across Queensland.
 
“Queensland is providing an environment that we’ve simply never seen,” Greg explains.

“When you combine the affordability of the state, the climate, historic low interest rates and the relative safety from the COVID-19 pandemic, it’s the perfect recipe for buyers to invest their money.”

The Jacobs Well Tavern is positioned on a 3,946 sqm site near the popular Jacobs Well Tourist Park which accommodates up to 100 holidaymakers in peak season.

“Such is the demand for pubs and taverns in Queensland, we’ve actually just listed two more assets off the back of the $8.5 million sale of 1770 Pimpama Jacobs Well Road,” Greg says.

“We’re expecting there to be a big uplift in migration here in the next generation and that’s why we’ve seen massive demand from interstate for secure asset classes like these.”
 

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