Coles has sold two hotel investments in Queensland and Western Australia for a combined total of $13.22 million.
The hotly contested auction attracted strong buyer interest from both local and offshore investors.
The Old Bundy Tavern in Bundaberg, Queensland, was purchased for $7.7 million by a Brisbane-based family. The sale representing a yield of 8.18%.
A Sydney-based doctor acquired the Victoria Park Hotel in Perth for $5.525 million, equalling a yield of 5.79%.
CBRE’s Joel Fisher, Glenn Price and Ryan McGinnity steered the sales campaign in conjunction with Billy Holderhead of Burgess Rawson.
The Old Bundy Tavern and First Choice Liquor outlet is securely leased to Liquorland – the country’s second largest hotel operator – for a 15-year term with five 10-year options.
The Victoria Park Hotel, also sold with a 15-year lease to Liquorland.
The transactions follow the successful sale of a Coles hotel portfolio last year, which included the Royal English Hotel in Nundah, the Currimundi Hotel on the Sunshine Coast and the Taylors Hotel in Mackay.
