Cats’ venue to sniff out new owner
A Point Cook pub and gaming venue leased to Geelong Football Club has been tipped onto the market, with expectations it will fetch more than $18 million.
Pub and pokies hotspot The Brook is one of the AFL club’s hospitality venues and its sale is expected to draw interest from investors and syndicates Australia-wide.
The venue at 215-221 Sneezes Rd is leased to Geelong until at least 2029, with three further 10-year options, for an annual rent of more than $1.2 million.
The offering is substantial, with the property comprising a sports bar, a bistro/restaurant, a gaming room with 80 pokies machines and Keno, a function room and a children’s play area.
Burgess Rawson has been appointed to sell the property via expressions of interest, which close on December 8.
Agent Adam Thomas says the pub also draws an income from a Telstra mobile phone tower, situated on-site.
The Brook in Point Cook is leased to Geelong Football Club until at least 2029.
“Attractive taxation depreciation benefits and assured net income of $1,200,527 per annum is supplemented by 50/50 shared rent from the Telstra mobile tower under sublease to the Geelong Football Club. It would be hard to find a more assured premium investment,” Thomas says.
The property is situated on a 1.079ha landholding with 204 car spaces and a triple street frontage spanning more than 300m.
“The Brook is an outstanding investment opportunity for private investors nationally, syndicates, past and current owners and operators of other large hotel, leisure and liquor assets and institutional groups Australia-wide,” Thomas says.
“The property will also hold great appeal for overseas based buyers, particularly Asian investors with Australian interests and/or residency”
