The leasehold interest of the Criterion Tavern, located at 239 George Street in Brisbane CBD, has been listed for sale.
CBRE Hotels has been appointed to exclusively market the asset. The Criterion Tavern is a single level tavern located in the lower level of a high-rise office building on the corner of George and Adelaide Street in the heart of Brisbane’s CBD.
The leasehold’s large 863 sqm footprint encompasses all the modern-day functions expected from a leading tavern including: 25 gaming machines in a designated gaming room, a high performing large TAB, separate dining/ bistro area, function lounge and alfresco beer garden.
Additionally, the large L shaped bar anchors the tavern, and allows for all areas to be serviced with minimal staff costs, ensuring an ongoing efficient business model.
Paul Fraser, Queensland Director CBRE Hotels, said: “The Criterion Tavern’s enviable high-traffic location assures itself continued upward trending performance as major infrastructure projects continue to come online in the tavern’s immediate catchment area.”
“This, coupled with increased amount of capital investment moving from NSW to Queensland as investors want to increase their holdings on more favourable yields, should see high demand for this asset,” Mr Fraser added.
Infrastructure and major projects that will benefit the Criterion Tavern include: Cross River Rail, Brisbane Quarters, Queens Wharf, Brisbane Live, Eagle Street Redevelopment and several residential developments across the CBD, Southbank and West End.
“As part of the sale, the leasehold owner is the owner of all 25 gaming authorities, which is a rarity in this market. This ensures continued underlying value, which in times of financial uncertainty, will be looked on favorably by valuers and financial institutions alike,” Mr Fraser added.
Vendors Nick and Lachlan Kalaf have owned the Criterion Tavern for several years and believe now is the right time to sell, with several demand drivers buoying the market and delivering a positive effect for an incoming purchaser.
The leasehold interest of the Criterion Tavern is for sale via an Expression of Interest campaign, closing 20 September 2018 at 2:00pm (AEST).
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.