Two Western Australian hotel assets -- the Brighton Hotel in Mandurah and the Vic Park in Perth -- have been listed for sale.
CBRE Hotels’ Chloe Mason and Ryan McGinnity have been appointed to market both hotels.
Each asset is owned by an Australian supermarket major, with the Victoria Park Hotel leasehold sold on behalf of Coles and the Brighton Hotel to be sold by the ALH group, Woolworth's hospitality arm.
One of Perth's most well-known pubs, the Victoria Park Hotel is located in Perth’s inner south-east, located on a 5,330 square metre site fronting Albany Highway. The asset is offered with a potential 35-year lease.
First opened for trading in 1927 and substantially refurbished in 2000, the Victoria Park Hotel includes a sports bar and bistro, restaurant dining, alfresco areas, upper level accommodation, function and conference facilities, and a drive-thru bottle shop currently not in use.
The second asset up for sale, ALH Group's Brighton Hotel, is a purpose-built tavern and restaurant located on a 1,300 square metre landholding offering north-west estuary views. The venue includes a restaurant, rear public bar and courtyard, and upstairs function area with impressive views.
Brighton Hotel represents the second divestment by ALH Group in an $86 million portfolio of Perth venues it purchased in 2011.
ALH Group acquired the Brighton Hotel as part of a portfolio of 12 assets from collapsed company Compass Hotel Group, but after also selling the Princes Road Tavern in 2012 retains ownership of 10 assets including well-known venues such as The Carine, The Greenwood and the Albion.
Both hotels were recorded to have healthy revenue streams, such as the Victoria Park Hotel's annual income of approximately $3.85 million.
McGinnity said the Victoria Park Hotel had a consistent trading history with regular patronage that would help position it for continued success in the future.
“The Town of Victoria Park is expected to double its population over the next 30 years, which will only add to the profitability of local businesses such as the Victoria Park Hotel,” he said.
“The venue’s location on the outskirts of the Perth CBD, proximity to the new Perth Stadium, fantastic management, long lease term and iconic status, all weigh in favour of the business.”
McGinnity said the Mandurah venue was ideally suited to a hands-on operator that will leverage the area's growing population to further boost turnover and profitability.
Victoria Park Hotel is being offered for sale via Offers to Purchase, closing 6 December and Brighton Hotel is being offered for sale via onsite auction on 7 December.
