The recently listed Endeavour Group has snapped up Darwin’s Beachfront Hotel.
On 7000 square metres at 342 Casuarina Drive, Rapid Creek, with north facing views over Nightcliff Beach, the freehold going concern was offered earlier this year by the operator of more than two decades, Doug Sallis, for c$25m.
The leasehold was also available, according to sources, for just over $10m.
HTL Property’s Brent McCarthy and Glenn Price were the agents.
The venue includes TAB facilities and 20 electronic gambling machines – the most allowed in a single Northern Territory venue.
“Presented immaculately, the Beachfront Hotel draws robust revenue from food, beverage, gaming and drive through liquor retail centres,” Mr McCarthy said.
“The open format beer garden at the front of the hotel is a notable and hugely popular feature,” he added (story continues below).
“Annual revenue generation exceeds $10m per year, elevating the investment appeal of the business model to a level which is magnetic to asset aggregators seeking both materiality and scale,” according to the executive.
The deal comes seven months since the Venturin family sold the Darwin Transit Centre, which includes the Shenannigans Irish pub, for $16.25m.
In 2020, Charter Hall paid the Dowling family $19.7m for the Parap Tavern, about 2.5 kilometres east of the Darwin CBD.
The Beachfront Hotel is walking distance to the Casuarina Square shopping centre which Sentinel acquired from The GPT Group for $420m last October.
Subscribe to our newsletter at the bottom of this page.