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Mermaid Tavern, Gold Coast -  A tightly fought bidding process resulting in desired outcome

November 2012 - ​This asset had been in the market previously though had failed to sell leaving the bank no option but to put that asset into receivership with PPB Advisory. The bank also requested a quick divestment to get the asset off their balance sheet as quick as possible.

Our team identified that an asset of this nature would attract a wide array of buyer pools given its holding income, location and development opportunity. The Hotels & Hospitality Group advised and then implemented a tailor made national marketing campaign, directly targeting publicans, pub syndicates, high net worth individuals and developers.
 
A tightly fought bidding process led to considerable market tension, with offers from several different states, showing that a national tailored campaign had the desired outcome we were looking for. The end result was a divestment of the asset at a near single digit yield, this is one of the sharpest yields we have seen in the current market place since before the GFC. Given the attributes of the asset and its trading performance this was a fantastic result for the bank and the receivers looking to offload this asset quickly and effectively. 

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