JDA exits Gold Coast Tavern
Joe Irvin has added another east coast pub to his book.
The Irvin Hotel Group director is paying close to $25 million for the Gold Coast Tavern at Bundall, south west of Surfers Paradise.
The Feros family’s JDA Collective was the seller.
It with Nick Kalaf paid $12m in 2021 for what was then known as the One50 Tavern before a major revamp and rebrand.
Half that was for the freehold.
Another $4m was speculated to be for the 36 electronic gambling machine entitlements.
JDA and Mr Kalaf will retain other Gold Coast assets including Mermaid Tavern.
“We are saddened to be passing the baton, as this hotel has been an important part of our journey,” chief executive officer, John Feros, said of the Gold Coast Tavern deal.
“However, we’re pleased to be handing it over to Joe Irvin and his team…having known the highly regarded Sydney hotel family for some time, we have every confidence they will continue to build on its success and take the hotel to the next level,” according to the publican.
“Over the past 24 months we’ve been very active, continuing to assess opportunities to acquire high-quality hospitality assets while also considering strategic divestment opportunities such as this when the right circumstances present themselves,” he added (continues below).
In June, JDA sold Sydney’s Peakhurst Hotel after a decade for $60m.
Not long earlier it outlaid $70m for the city’s sprawling Bexley North Hotel – offered by the Yang family after 40 years.
Gold Coast Tavern
Irvin Hotel Group now owns 11 Queensland hotels and three in Sydney.
It has been looking for a venue to complement and fill the geographical gap between its Coolangatta Sands on the Gold Coast and Homestead Tavern in Brisbane’s inner north-east, HTL Property selling agent Glenn Price, who brokered the deal with Daniel Dragicevich and Andrew Jolliffe, said.
“The Queensland pub sector has remained resilient with venues trading at levels that often exceed the previous 12 months,” he added.
The large-format Gold Coast Tavern a public bar and bistro facilities, a gaming room with 45 EGMs, and associated hospitality and entertainment areas.
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