Coles to sell its last NSW pub

Supermarket giant Coles is selling its last NSW leasehold pub — the Northlakes Tavern at Charmhaven.

The Central Coast pub is being sold by CBRE Hotels on behalf of Coles, and is said to be on the market for $7.5 million or more.

Adjacent to a Coles-anchored supermarket with 180 on-site car parks, the pub is being marketed as “high cashflow leasehold opportunity”. The hotel licence and 24 Gaming Machine Authorities are also included in the sale.

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CBRE’s Daniel Dragicevich says that the sale should generate some interest.

The pub is leased until at least 2027.

“The Northlakes Tavern is the only Coles-operated venue remaining in NSW and we expect its sale will attract significant investor interest from astute operators that recognise the rarity of such an offering in a tightly held enclave of the market,” Dragicevich says.

“Aside from the transparent revenue growth opportunity, the venue is extremely well positioned within an area of the NSW Central Coast earmarked for future mixed use development and, is virtually unopposed in terms of local hotel competition.”

The agency also says the recent sale of multiple leasehold assets in NSW, where the license and gaming machine ownership are owned by the tenant, highlights the strength of investor demand for the asset type.

This article from the Central Coast Gosford Express Advocate first appeared as “Central Coast Northlakes pub at Charmhaven on the market”.