There are iconic properties put on the market every day, but not too often do we see surf paradises, and especially not popular party hangouts go on the block. News today from Australia’s Gold Coast foretells of someone soon owning a bit if “down under” revelry. The former Surfers Rowers Hotel at Bundall fell into receivership and has been put up for distressed sale evidently.
According to the news, this hot spot of nightlife as recently as New Year’s Eve (see image below) ceased operations upon instructions from the receivers of Brisbane-based property owners Alfanian Pty Ltd. Purchased back in 2006 for some $2.88 million, the hotel, bar, and restaurant are all local fixtures along the legendary Gold Coast, but despite a fight by the current owner to keep the establishment open, the owner and his 35 employees may have seen their last trendy all night party.
Mario Sherri told Goldcoast.com that despite seven figure loses over the course of a little over a year, he wanted to keep giving the club and hotel a go. According to that story the property actually does not belong to Sherri, just the business there. Westpac, the receiving entity, refused his suggestions to keep the business open while the property went on the sales block. From an observer’s perspective here, not too many packed nightclubs with Facebook followings above 5,000 just up and fail. It’s hard to imagine this place actually losing money.
The 150 Bundall Road property sits on 3,145 square metres of riverfront just two kilometres from the Surfers Paradise CBD. The hotel, a split level public bar, a covered alfresco deck area, and a formal restaurant, with two commercial kitchens and other function rooms go with several riverfront parcels attached. The property will reportedly be listed with CBRE Hotels.