Renowned bar to go under the hammer

Renowned bar to go under the hammer

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An iconic bar in Surfers Paradise will be sold through CB Richard Ellis (CBRE) in the coming weeks.

The bar, restaurant and nightclub complex, Melbas on the Park, has been a Gold Coast institution for nearly three decades and recently underwent a multimillion-dollar expansion to create a new restaurant, cocktail bar and lounge with 40 gaming machines.

CBRE’s Craig Harley will steer the sale campaign and said the hotel has already attracted both local and national interest.

The 2,696 square metre strata property has a strong and established cash flow in excess of $13.5 million for 2008/2009. The complex occupies three levels within prominent Gold Coast tower Cavill Park.

Mr Harley said the business was set to benefit from the recently proposed $25 million Surfers Paradise Foreshore Redevelopment.

“Surfers Paradise CBD is considered the business epicentre for the Gold Coast region and the Foreshore Redevelopment will further enhance the appeal of this location by provide new walkways, beachfront shelters, upgraded roads, children’s playground and a night market area.”

An iconic bar in Surfers Paradise will be sold through CB Richard Ellis (CBRE) in the coming weeks.

The bar, restaurant and nightclub complex, Melbas on the Park, has been a Gold Coast institution for nearly three decades and recently underwent a multimillion-dollar expansion to create a new restaurant, cocktail bar and lounge with 40 gaming machines.

CBRE’s Craig Harley will steer the sale campaign and said the hotel has already attracted both local and national interest.

The 2,696 square metre strata property has a strong and established cash flow in excess of $13.5 million for 2008/2009. The complex occupies three levels within prominent Gold Coast tower Cavill Park.

Mr Harley said the business was set to benefit from the recently proposed $25 million Surfers Paradise Foreshore Redevelopment.

“Surfers Paradise CBD is considered the business epicentre for the Gold Coast region and the Foreshore Redevelopment will further enhance the appeal of this location by provide new walkways, beachfront shelters, upgraded roads, children’s playground and a night market area.”

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