Outer Hobart pub changes hands for $5m
A sprawling pub between the Midway Point and Sorell causeways on Hobart’s Eastern Shore has sold as an investment.
The c$5.13 million result for the Midway Point Tavern at 2-6 Penna Road, Midway Point, reflects a 5.85 per cent yield.
The occupier just signed a five-year lease.
Annual rent increases are linked to CPI.
The deal includes a 102 square metre manager’s residence.
Midway Point is about 20 kilometres east of Hobart’s CBD.
It is about six kilometres east of Hobart Airport.
Midway Point Tavern
On 5157 sqm with 70 car parks, the Midway Point property contains four components (continues below).
A 920 sqm hotel includes a bar and bistro.
A gaming lounge contains 25 electronic gambling machines, TasKeno and TAB facilities.
There is also a Thirsty Camel-backed drive-through bottle shop.
The site is passed by more than 150,000 vehicles a week according to the sales agents, Elders Commercial’s George Burbury and James Black.
The tenant is responsible for all statutory outgoings including land tax. The present annual rent is $300,000 ex-GST.
Within a growing commuter and tourist corridor the site is near residential developments including the 201-lot Peninsula subdivision and a 160-hectare pipeline in Sorell.
Last year the state government expanded Hobart’s urban growth boundary to include the Sorell East Growth Area master-planned for thousands of homes and causeway upgrades.
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