THE Point Lookout pub – generally regarded as having one of the best views of any hotel in Australia – is up for sale.
The Stradbroke Island Beach Hotel and Resort Spa at Point Lookout was put on the market in 2015 but did not sell.
If it is sold this time, it will be the first time in more than two decades that it has changed hands.
CBRE Hotels’ Paul Fraser plans to sell the hotel via private treaty on behalf of developer Bob Hill.
Mr Fraser said he was not at liberty to disclose a price but inquiries had begun even though it had been on the market just one day.
He said the hotel occupied an exclusive site on the most easterly point of the Queensland coastline.
It had outstanding views of the South Pacific, including Moreton Island and Shag Rock and direct access to Cylinder Beach – just voted Queensland’s best beach.
“This landmark asset … offers multiple income streams,” Mr Fraser said.
“The incoming owner will reap the benefit of a strong initial yield in addition to huge upside and revenue growth opportunities, particularly through the food and function offerings.”
Mr Fraser said he did not see any reduction in business from the looming cessation of sand mining which had been contracting gradually.
“It won’t have an impact,” he said. “Straddie is a tourist destination. You can see that in the seasonality of trade.”
The hotel is on a 3267 square metre site and consists of a main bar, bistro, beer garden, gaming room with machines, TAB, function room and on-site bottle shop.
There are 13 accommodation rooms and management rights for an adjoining complex of 16 units.
Mr Fraser said the hotel had the only two retail outlets on the island, including an on-site bottle shop and detached bottle shop at Dunwich.
“As such, this hotel has a complete captured market in relation to off premises retail sales, ensuring constant cash flow year-round,” Mr Fraser said.
The hotel, the only one of the island, opened in 1962 and was rebuilt and modernised in 2006.
It has a bistro, beer garden, gaming room, wedding and conference facilities with seating for 130 and a detached on-site bottle shop.
It also has a 13-room hotel and a manager’s residence as well as the 21-unit Waves Stradbroke Luxury Serviced Apartments.
