This article is from the Australian Property Journal archive
THE Geraldton Hotel and the adjoining Vibe nightclub in Western Australia’s coastal mid west region, are on the market.
The hotel and nightclub are located on a site of more than 4,200sqm at 19 & 23 Gregory St and 38 Fitzgerald St, and are operated as two distinct venues.
The two-storey hotel comprises ground floor bars, a TAB and restaurant, as well as upper level accommodation, with the Vibe nightclub featuring bars, dancefloors and a DJ booth.
CBRE agents David Kennedy and Ryan McGinnity have been appointed to sell or lease the asset, which currently generated an income of more than $80,000 per week. It has undergone a $1 million-plus refurbishment over the past two years, including new toilets, coolrooms, roof and ceiling replacement, as well as a refurbished kitchen, restaurant and bottleshop.
The venue is being offered for sale on a walk in-walk out basis, plus stock or lease by negotiation.
Kennedy said the hotel and nightclub are well-positioned in the city and have a large site area allowing for car parking as well as a large alfresco garden courtyard.
McGinnity said the hotel offered holding income security as well as scope for future development potential.
“The hotel’s trade is still growing and further potential exists to finish off three ensuite rooms with cosmetic furnishings to make them operational with council approval,” he said. “Furthermore on the first floor, there are nine rooms, which van be converted to provide backpacker accommodation with communal facilities.”
Australian Property Journal
