Balmoral Hospitality Group has placed its D.A. approved Flagstone Tavern site up for sale, citing a focus on further opportunities South of the border in the group’s home state of NSW.
Balmoral Hospitality Group purchased the hotel project, located within the fast-emerging South-East Queensland community being constructed by publicly listed heavyweights PEET and MTAA Superannuation, in early 2019.
Originally a raw site, Balmoral Hospitality Group has designed a fully catered Tavern; inclusive of large indoor and outdoor bars and dining, a sports bar, gaming lounge and child friendly play areas. The approved Tavern has both Liquor and Gaming Licences in place with 45 Gaming Machine Authorities approved and with trade permitted until 2am in the Tavern and 4am in the Gaming Room.
The large format 3,975sqm site is positioned adjacent the recently opened Coles Shopping Centre within the Major Centre location; and represents proximity to other national retailers including McDonalds, Supa IGA, 7 Eleven, Domino’s Pizza, Snap Fitness and BWS.
Over the next 30 years it is forecast that over 50,000 homes will be delivered within the residential neighbourhoods that surround the City Centre; and when complete, it will provide employment for over 10,000 people. Currently, Flagstone is home to approximately 6,000 residents, where it envisaged the Tavern will become one of the centerpieces of the local community.
The sale is being exclusively managed by the industry leading national brokerage firm HTL Property through Directors Glenn Price & Brent McCarthy following the duo’s sale last week of Darwin’s Parap Tavern to Charter Hall Partnership for $19.7m.
“Greenfield hotel sites of this scale and accompanied by the myriad approvals this Tavern project already enjoys are patently rare, compelling and expected to be aggressively pursued as an investment avenue for astute local and interstate hospitality players” advised HTL Property Director, Glenn Price.
The sale of the Flagstone Tavern site is being conducted via an Expressions of Interest campaign closing Wednesday 28th October 2020.
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