JDA, Star snap up Queensland hotels

The Bundall property is in an office precinct.

Publicans have swooped on two Queensland hotels in deals worth a total of $22 million.

In Bundall, about three kilometres south west of Surfers Paradise, the Feros family’s JDA Hotels in partnership with Nick Kalaf is paying $12 million for the vacant One50 Tavern, on the Nerang River.

The price is understood to include $4m for 36 electronic gambling machine entitlements.

On 3144 square metres at 150 Bundall Road, the property also includes two bars, a bistro, function room, upstairs lounge, outdoor deck and car park on a separate title.

The vendor, a syndicate of private investors, paid $7m in August, 2020.

On the Gold Coast, JDA and Mr Kalaf also hold the Mermaid Tavern on Mermaid Beach.

In Sydney the partnership owns the General Gordon, at Sydenham, and The Peakhurst, at Peakhurst.

Townsville Central Hotel

Meanwhile, Star Hotels is paying a speculated $9.5m for the Townsville Central Hotel (story continues below).

At 12-18 Palmer St, the four-storey property contains 118 room suites, a restaurant and 50 car parks.

It was last renovated in 2006.

The site spreads 3127 sqm.

CBRE’s Wayne Bunz, Hayley Manvell and Paul Fraser were the agents.

Star Group – reportedly Queensland’s largest independent pub operator – now owns 23 licensed venues, over 60 bottle shops and six accommodation venues.

Earlier this month we reported ALE Property Group listed Toowong’s historic Royal Exchange.

In May, ASX-listed Hotel Property Investments in partnership with Australian Venue Co acquired five hotels in the state – including the Commonwealth Hotel at Roma, 500 kilometres west of Brisbane.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.