Burleigh Waters property, home of Varsity Lakes Tavern, up for sale

A major Burleigh Waters property that is home to both alcohol and health businesses has been put on the market by Brisbane’s high-profile Ganim family.

The 1.7ha property is occupied by the Varsity Lakes Tavern, a Dan Murphy’s liquor barn and a Fitness First health club.

The Ganims, including Joe Ganim, a founder of the Hopwood Ganim law firm, bought the property for $16.14m in 2012.

The deal was via companies Gansons, Ganbros, and Ganboys.

Billy Holderhead, of Burgess Rawson, yesterday said the sale move was to help the family restructure its investments for the next generation. “Two of the Ganim brothers are in their 80s and one in his 70s.

“They’ve got adult kids looking to get involved in their own investments.”

Mr Holderhead said the timing of the Ganim Burleigh Waters selloff came at a time when the hotel market across Australia was on fire.

He said yields had tumbled to as low as 4 per cent.

The Ganim property, at 2 Santa Maria Crt, Burleigh Waters, was developed by the Bruce Mathieson-linked MGW group in 2005.

The ALH group, part of Woolworths offshoot the Endeavour Group, leases the property and sub-leases a purpose-built section to Fitness First.

The lease on the tavern has eight years to run, with ALH holding five 10-year options.

The tavern operates under a 4am licence and includes a restaurant, sports bar and 40 gaming machines.

Mr Holderhead said the property was netting $1.717m a year.

It is being sold by expressions of interest in a campaign run by Mr Holderhead, colleagues Matthew Wright and Campbell Bowers, and Savills Hotels’ Tony Bargwanna.