The Golden Fleece Hotel in the South Australian town of Gawler is up for sale, along with a neighbouring commercial building incorporating retail and office accommodation.
The fully-leased properties at 77-79 and 81-87 Murray Street occupy a combined site area of 2,441sq m, and have a total lettable area of 2,081sq m, including 896sq m for the hotel, 625sq m for the retail component and 560sq m of office space.
They have frontages to both Murray Street and High Street, and are serviced by an attached multi-level car park for 68 vehicles, accessed via High Street, which is included in the freehold offering.
The assets are being taken to the market via an Expressions of Interest campaign run by Knight Frank agents Ryan Mills and Max Frohlich.
The Golden Fleece Hotel at 77-79 Murray Street was originally constructed in 1839 and fully redeveloped in 2013.
It incorporates an open plan bar lounge area, dining room, beer garden with retractable roof, alfresco dining to Murray Street, 24 valuable gaming machines, first level offices and staff amenities.
The hotel is leased by local South Australian publican David McCallum who also operates other hotels including the Coopers Ale House in Wallaroo, Hahndorf Mill and the Lonsdale Hotel.
The neighbouring commercial building to The Golden Fleece Hotel at 81-87 Murray Street, which was constructed in 2013, has four first floor office tenancies and three retail tenancies anchored by established tenants including Westpac, Cibo Espresso, Jobs Statewide, Harness Racing SA, Feros Care and ESPHC.
Mr Mills said the properties offered buyers a premium mixed-use passive investment in one of South Australia’s fastest-growing local government areas.
“The assets are well established and fully leased, with a diverse and secure income stream supported by seven established tenants across complementary sectors,” he said.
“They have a WALE of 4.51 years by income, and a strong net passing income of more than $743,000 per annum.
“The buildings are modern, high-quality properties, including The Golden Fleece Hotel, which underwent a refurbishment in 2013.”
Mr Frohlich said the Murray Street properties occupied a prime main street position in the heart of the fast-growing Gawler.
“They have prominent exposure with nearly 20,000 vehicles passing by the commercial precinct daily, and are surrounded by excellent amenity including national retailers, local service providers and other community users,” he said.
“As the leading regional centre for the Lower Mid North and greater Barossa Region, Gawler anchors a substantial and continually growing catchment population of approximately 120,000.
“It has become one of the fastest growing Local Government areas in South Australia, with average growth twice the state average.”
Gawler, located 42 kilometres north of Adelaide, is South Australia’s oldest country town and the gateway between metropolitan Adelaide and the world-renowned Barossa Valley.
The Expressions of Interest campaign for the properties will close at 3pm (ACDT) on Thursday, March 6.
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