After 20 years of ownership of publican Leigh Wanless has decided to put the Westside Tavern on the market.
Located at 201 Gympie Road, Tinana, the 3.24ha site comprises the Westside Tavern and Motel, seven retail shops, 96 parking bays, and 2ha of vacant land development approved for a 52 lot manufactured home estate.
The property is being marketed by Ray White Commercial Burleigh Group agents Ryan Langham and Nathan Huxham on behalf of Mr Wanless, who is the founder of Wanless Group.
“An outstanding opportunity for a hotel and leisure operator, there is incredible value to be realised with this site,” Mr Langham said.
“The motel rooms are oversized and we believe a smart operator could double the accommodation revenue, with simple renovations.
“The untapped potential of the rear block would add incredible revenue for a new owner by creating a land lease community with the current MHE development approval in place.”
Mr Huxham said the Westside Tavern was the first pub on the way into town from the south.
“It attracts some really healthy numbers from the drive through bottle shop and there is still incredible value for the next operator by reinstating the kitchen and food operations.
“Prior to Covid the restaurant was netting approximately $364,000 per annum, which is a further revenue stream increasing a savvy operator’s profits.”
Mr Langham said they had already discussed this asset with various off market buyers both locally and interstate.
“The interest level indicates that this is an incredible opportunity attracting buyers back into the market who have been hibernating. This will surely grow when presented to the open market,” Mr Langham said.
“Pubs have been historically some of the best assets to own and this one is exceptional with the land component which future proofs this asset through the ages. ”
Mr Huxham said: “It’s incredible to see how functional this facility is, from the location of their gaming machines and the use of outdoor dining and seating space, while still being able to provide additional income streams with all that’s on offer, from the retail space, drive through and motel, not to mention the future income from the MHE land lease community.”
