Northlakes Tavern sale to tap demand for coastal hotel assets

​Sydney, 07 October 2015 – The Central Coast’s Northlakes Tavern has been listed for sale in a move expected to tap strong demand for freehold investment hotel assets in New South Wales.

CBRE Hotels Daniel Dragicevich and Glenn Price, in conjunction with Darren Beehag and Simon Staddon of Burgess Rawson, have been appointed to sell the asset and adjoining First Choice Liquor via a public auction on October 29.

Prominently situated on the Pacific Highway in the suburb of San Remo, the Northlakes Tavern and First Choice Liquor store are concurrently leased to Coles Group for a further 12 years, with options to extend until 2067.

Located on a 7,255sqm landholding, the asset comprises 1,960sqm of improvements and 180 onsite car spaces.  The hotel encompasses a large public bar and TAB area, bistro, gaming room with smoking solution, large island bar servicing all areas of the hotel and alfresco areas.

Mr Dragicevich said the property represented an exciting opportunity to acquire a successful hotel leased to one of Australia’s largest Hotel operators.

“NSW investors have historically missed out on freehold hotel opportunities with blue chip tenant covenants, given the majority of those put to market have been located in the other states,” Mr Dragicevich said.

“The Northlakes Tavern and First Choice in particular offers a very attractive investment profile, given the large landholding and landmark arterial road positioning within a rapidly growing residential catchment.”

Ideally located alongside the Coles anchored North Lakes Shopping Centre the Hotel benefits from its strategic position and significant passing trade.

San Remo is located within the Central Coast region of NSW approximately halfway between Gosford and Newcastle.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.