Charter Hall is paying $22 million for a hotel and retail asset on 1.1 hectares of land in Waterford West, about 27 kilometres south-east of the Brisbane CBD.
The holding at 962 Kingston Road, on the north-east corner of Loganlea Road, includes the Club Hotel Waterford – ranked as one of Queensland’s top 50 gaming venues – with a main bar, function room and outdoor terraced seating area. A standalone First Choice liquor store was also part of the offering.
The tavern, which includes 45 gaming machines, was promoted with a new 15-year lease with a further three 10-year options. The commencement rent was $1.25 million per annum, according to the property advertisement.
In a statement about the deal, Charter Hall said the site is in the greater Logan area, “one of the fastest growing urban growth corridors in southern Queensland”.
“Both tenancies are leased to Liquorland (Qld) Pty Ltd (Coles), with a 14.4 year lease term remaining, rent reviews of the lesser of 3 per cent and 2 times CPI and a double net lease structure with the tenant responsible for 100 per cent of the outgoings.”
The asset (pictured, top and left) is less than five kilometres from both the Griffin University Logan campus and Logan Hospital.
In the same statement, Charter Hall also said it has boosted its exposure to the Long WALE Investment Partnership (LIWP) from 45 per cent to 49.9 per cent – following a $20.9 million outlay.