- The two fully leased retail properties were acquired in on behalf of EG's Private Wealth division
- Anglers Tavern in Melbourne was purchased for $23.33 million
- A First Choice Liquor and Redcliffe Tavern in Brisbane was acquired for $19.29 million
EG has made two fully leased retail acquisitions on behalf of a new private wealth division.
Most recently, Anglers Tavern was secured off-market for $23.33 million.
Located at 2 Raleigh Rd, Maribyrnong VIC, the property is eight kilometres northwest of Melbourne’s CBD.
The asset has been acquired into a new trust which EG will aim to average cash distributions of 8.5% p.a. across its 7-year term. The trust is on offer to wholesale clients.
EG’s Head of Private Wealth, Rodney Walt, recognises the benefits of long term leases.
“Assets with long-term leases and strong underlying land fundamentals represent value that our community of wholesale investors will benefit from both today and in the years ahead,” he said.
The property was acquired in partnership with Australian Venue Co. (AVC), one of Australia’s largest pub, bar and venue operators, who will lease the venue on an initial 15-year lease term.
Sean Fleming, Head of Capital Transactions, believes property assets in the hospitality sector present a strong platform for growth and consolidation.
“Great hospitality venues remain relevant to local communities, especially with lead operators building their reputation.”
Sean Fleming, Head of Capital Transactions
In December 2021, EG purchased a Brisbane beachside retail asset site that hosts Redcliffe Tavern and a First Choice Liquor superstore for $19.29 million.
The businesses have a weighted average lease expiry of 7.19 years.
The asset was acquired off-market through Jon Tyson of Savills.
