CBRE Hotels – Tower Estate

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CONTENTS 03

04

06

THE OFFERING

LOCATION MAP

EXECUTIVE SUMMARY

08

10

28

LOCATION

TOWER LODGE & TOWER ESTATE WINERY

PEPPERS CONVENT

36

44

ROBERT’S RESTAURANT

SITE & LEGAL / SALE PROCESS


2 I N FOR MATION M E MORAN DU M

THE ESTATE PORTFOLIO On behalf of Tower Estate Pty Ltd and Strathig Pty Ltd, CBRE Hotels, in conjunction with Jurds’s Real Estate have the pleasure of offering for sale the Tower Estate Portfolio (‘Tower Estate’), the market leading luxury hospitality estate in the Hunter Valley, the country’s most recognisable wine region. Tower Estate is quite possibly the country’s best luxury boutique wine estate. It embodies the finest of life’s experiences; indulging in quality wine, enjoying the best locally sourced produce, whilst positioned in picturesque settings in the most luxurious accommodation available.

THE PROPERTIES INCLUDE

TL

Tower Lodge

PC

Peppers Convent

The multi-award winning estate is positioned in Pokolbin, the heart of the Hunter Valley wine country. It was the last creation of the internationally acclaimed wine entrepreneur and statesman Len Evans AO OBE. With the help of some close friends and an ambitious dream, the Tower Estate experience was brought to life in 2000.

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Robert’s Restaurant

The properties are offered for sale ‘in-one-line’ or individually, by Expressions of Interest

TW

FOR FURTHER DETAILS ABOUT THIS OFFERING, PLEASE CONTACT THE AGENTS LISTED:

Tower Estate Winery

The Hunter Valley is just 90 minutes from the start of the freeway, a journey that will be even shorter and easier upon completion of the New Hunter Freeway link, opening late 2013.

ROB CROSS Regional Director

PAUL KAPIRIS Negotiator

ALAN JURD Principal

CBRE Hotels T: +61 2 9333 3427 M: +61 408 418 306 E: rob.cross@cbre.com.au

CBRE Hotels T: +61 2 9333 3549 M: +61 418 853 373 E: paul.kapiris@cbre.com.au

Jurd’s Real Estate P: +61 2 4991 4000 M: +61 417 677 924 E: alanj@jurds.com.au


POKOLBIN VILLAGE

TEMPUS TWO

TOWER ESTATE LOCATION OF ESTATE WITHIN THE HUNTER VALLEY

TO SINGLETON & UPPER HUNTER

ND HIGHWAY NEW ENGLA

NE

HERMITA GE RD

AY HW G

W ENGLAND H I

TO MAITLAND AND NEWCASTLE

ORTH RD O LD N

MARRO WBON E RD

E RIV YD TR CO UN WINE

N O CD M

TO KURRI KURRI

BROKE RO AD HALLS RD

AL DS RD

BROKE RO AD

ROAD

L OV E DAL

E

TO KURRI KURRI AND NEWCASTLE

MAITLAND RD

CESSNOCK

WOLLOMBI RD

TO SYDNEY VIA SCENIC DRIVE

AB ER DA RE

TO SYDNEY VIA F3 FREEWAY RD


BLAXLAND’S INN

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TOWER ESTATE WINERY

TL TOWER LODGE

RR ROBERT’S RESTARAUNT

PC PEPPERS CONVENT


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ES

I N FOR MATION M E MORAN DU M

EXECUTIVE SUMMARY TOWER ESTATE

TOWER LODGE & TOWER ESTATE WINERY

COMPRISING

TENURE

TOTAL LAND AREA

ESTABLISHED

RATING

• Tower Lodge & Tower Estate Winery • Peppers Convent • Robert’s Restaurant

Both the Tower Lodge and Tower Estate Winery assets are held on the same freehold lot

16.19 hectares

1999

5 star

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TOWER LODGE ROOMS

DETAILS

12 luxurious individual guest rooms

Built in 2000 by Len Evans AO OBE, Tower Lodge comprises 12 of the most luxurious guest rooms available anywhere in the country. The reputation for quality of product and service would challenge any hospitality asset, and the new owners will be well positioned to benefit from this.

FEATURES

• Ten rooms and two suites (The Chairman’s and the Oriental Suite) including one wheelchair accessible room • Nine Restaurant located in the original Tower Estate cellar, nine feet below the surface • 24 hour reception • Conference room with seating for up to 12 guests

• Full commercial kitchen • Library • Large common/dining area • Heated pool, spa, sauna • Ample back of house office facilities • Large 2 bedroom, 2 level managers apartment

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TOWER ESTATE WINERY DETAILS The striking winery building which is highly visible from Broke Road, is easily one of the best cellar door and small scale winery’s in the Hunter Valley. The complex includes a modern 300 tonne capacity winery, a few small vineyards, and a detached storage building.

FEATURES

• Prime corner retail trading site located on the “golden mile” • 5-star (James Halliday) rated winery

• Strong Brand and Wine Clubs • High quality design finish and equipment • Potential for expansion


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PEPPERS CONVENT

ROBERT’S RESTAURANT

TENURE

TOTAL LAND AREA

ESTABLISHED

RATING

TENURE

TOTAL LAND AREA

ESTABLISHED

Community title over 2 lots

2.953 hectares (0ver 2 lots)

1995

5 star

Community title over 2 lots

2.032 hectares (0ver 2 lots)

1991 (main building 1995)

PC

RR

DETAILS

ROOMS

DETAILS

17 luxurious individual guest rooms

Built in 1909 in Coonamble, Peppers Convent was once home to the Brigidine Order of nuns and was carefully transported 600kms to Pokolbin in the Hunter Valley. Lovingly restored to reflect the building’s charming heritage and character, the hotel infuses the ambience of an indulgent French Baroque hotel mixed with the distinctive character of an Australian country guesthouse.

One the Hunter Valley’s most iconic and treasured restaurants, featuring a lounge area, three private dining rooms, and main dining area. Consisting of two main buildings, the “Ironbark Cottage” was built in 1876, whilst the larger main room which seats 120 people was built in 1995. The lot also features the beautifully restored Welsh Baptist Chapel built in 1888, as well as Robert’s Vineyard, and a number of small sheds used for storage and maintenance.

FEATURES

• Stunning tree-lined drive to circular entry • Kitchen • Landscaped grounds • Dining room/Sunroom • Wisteria Courtyard

FEATURES

• Detached semi-permanent marquee • Separate conference space • Separate building • Pool • Tennis Court

• Seating for 120 people • Commercial kitchen • Vineyard • Welsh Baptist Church • Unrivalled reputation


7 I N FOR MATION M E MORAN DU M

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LOCATION

P

okolbin is situated in the centre of the Hunter Valley region and is mainly recognised for its wine; being Australia’s oldest commercial wine producing area within the Hunter Valley region. It is also typified by a wide variety of cafés and restaurants, craft and boutique style shopping outlets and an array of quality golf courses.

The region is enjoying steady economic and population growth as more people and businesses are drawn to the region by the relaxed lifestyle. Currently a new freeway extension between the F3 and New England highway is under construction which will reduce travel times and make the Hunter more easily accessible to Sydney.

DEMAND DRIVERS

Hunter Valley’s steady growth can be attributed to its broad base of demand generators:

THE HUNTER REGION BOASTS • An approximate population of 600,000 people currently • A cost-competitive business environment • A diverse, affordable quality of life, fantastic recreational and cultural amenities • The Hunter Expressway is due for completion in 2013 which will cut 20 minutes off of the already short trip from Sydney

TOURISM The Hunter Valley is a major tourist destination in New South Wales and is the sixth most visited place in Australia attracting more than 2.5 million people annually.

Pokolbin is located approximately 10km to the north-west of Cessnock, 170km to the north of Sydney, and 60km inland from Newcastle. The surrounding area is primarily vineyards, wineries, golf courses, rural and unimproved land, tourist accommodation and restaurants. Cessnock is the nearest local town and provides shopping services, some large department store style shopping services, as well as professional, school and banking facilities. The F3 Freeway from Sydney provides access via the BranxtonToronto Road exit to Cessnock and the surrounding areas. Pokolbin is accessed from Cessnock, north along Allandale Road then west from the beginning of Broke Road.

OVERVIEW

There are regular events held in the Hunter for visitors, including the world class concert events held at Hope Estate. INDUSTRIES The Hunter Region is one of Australia’s most famous wine-growing regions, known for both its red and white wine varieties. Major industries include power generation through the coal fired power stations, dairy farming and beef cattle farming.

Further information can be obtained by visiting the Cessnock City council website at http://www.cessnock.nsw.gov.au/ business/tourism/huntervalley http://www.rta.nsw.gov.au/ roadprojects/projects/hunter_ expressway/background/index.html.

GROWTH The Hunter Region is growing both economically and culturally. New residential areas are being developed throughout the region to accommodate people attracted to the area by employment opportunities, the family-friendly environment and affordable housing prices. The state government is working with local government to plan for further growth which is expected to continue for several decades. There is even a proposal for a new town of 50,000 to be built near Branxton.

As well as being a thriving centre of tourism for many years, Hunter Valley is a mature, long- established community with regional city status. MAJOR ATTRACTIONS • Wineries and vineyards • Hunter Valley zoo • Hunter Valley Horse Riding, Adventures and Carriage tours • Richmond Vale Railway • Museum • Maitland Gaol • Hunter Valley Gardens • Golf Courses • Wollombi Valley • Convict Trail Project • Hot Air Ballooning • Wine Country Race Club • Australian Woodwork Gallery • Skydiving • Helicopter charters • Art galleries


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MAJOR EVENTS April

The Gum Ball Music Festival May

Lovedale Long Lunch June

Hunter Valley Wine & Food Month September

Hunter Valley Gardens Festival of the Flowers October

Opera in the Vineyards Jazz in the Vines Spirit of the Vine Festival October/November

Sculpture in the Vineyards November to January

Christmas Lights Spectacular All year

Music in the Hunter

Hunter Valley’s events calendar is well recognised and acts as a magnet for holidaymakers across the east coast of Australia. The local tourism authorities are very proactive in maintaining and promoting a strong and diverse calendar of events, creating an enormous demand generator of business (be it leisure or corporate) to the region.



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TOWER LODGE


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TOWER LODGE

Tower Lodge is the leading small 5 star luxury hotel in the Hunter Valley region, accommodating a maximum of 24 people at any one time. The low rise Spanish missionstyle structure is visually sympathetic to its surrounding landscape, and the level of service matches its high level of luxury.



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TOWER LODGE LOCATION

PROPERTY SUMMARY

INVESTMENT HIGHLIGHTS

PROPERTY DESCRIPTION

Built in 2000 and opened in May 2001, Tower Lodge comprises 12 luxury guest rooms including two suites, guest dining room, bar and lounge room, library, central courtyard, managers residence, and Nine restaurant. With impressive facilities that include a heated pool, sauna, gym, and spa, there are no shortage of activities for guests.

AUSTRALIA’S BEST LUXURY BOUTIQUE ESTATE With a reputation of quality to rival any luxury boutique accommodation offering in the country, the goodwill associated with the Tower Lodge name has taken over a decade to establish.

Tower Lodge is centred around a main courtyard with limestone paving and a classic feature fountain. The earthy exterior wall finishes bring a southern European feel to the property. The Lodge entry doors are 100 year old coach house doors from the south of France, and internal doors are a selection of glazed and solid Western Red Cedar, solid Jarrah, and recycled doors.

Each Tower Lodge room is elegantly decorated with antique furniture and rich fabrics. Rooms feature a king sized bed, deep soaking spa baths and separate rain shower. The property includes the award winning Nine restaurant located nine feet below the surface in the original Tower Estate cellar, surrounded by warm earthy sandstone and wood surfaces providing an intimate and luxurious dining experience for up to 12 guests.

OPERATIONAL IMPROVEMENT & REPOSITIONING There lies an opportunity for the incoming purchaser to make operational and structural changes to better utilise the strong positive reputation of Tower Lodge to establish profitability. Furthermore, the incoming purchaser may wish to reposition the asset simply through a shift in its brand direction. PRIME LANDHOLDING With high visibility from Broke Road, the asset holds a key position in the Pokolbin area. The 16 hectare site is without a doubt one of the most prominent sites in Pokolbin.

HOTEL FEATURES • Ten rooms and two suites (The Chairman’s and the Oriental Suite) including one wheelchair accessible room • Nine Restaurant located in the original Tower Estate cellar, nine feet below the surface • Room service (currently from Robert’s Restaurant) • 24 hour reception • Full commercial kitchen • Library • Large common/dining area • Heated pool, spa, sauna • Ample back of house office facilities • Large 2 bedroom, 2 level managers apartment

RATES Tower Lodge weekend luxury rate includes accommodation and breakfast

LODGE ROOM

$810.00

LODGE DELUXE

$860.00

ORIENTAL SUITE

$890.00

CHAIRMANS SUITE

$950.00

All the guestrooms at the Tower Lodge comprise a bedroom area, lounge space, a desk and work space, large bathroom with separate shower area and deep, double spa-bath and dressing room. Each room varies in size, with the average size an impressive 77 square metres (approx), with the Oriental and Chairman’s suites being larger.


Lodge Guest 14

Lodge Deluxe Guest Lodge Guest

Chairman’s Lodge Guest

Lodge Deluxe Guest GUESTROOM LAYOUTS

Lodge Guest

Lodge Deluxe Guest

Chairman’s

Oriental

C

Oriental Chairman’s Oriental

LODGE GUEST ROOM

LODGE DELUXE GUEST ROOM

ORIENTAL SUITE

CHAIRMAN’S SUITE

DRAMATIC, SPLIT LEVEL ROOM WITH DARK, RICH FABRICS AND EXTENSIVE USE OF WROUGHT IRON. A PRIVATE COURTYARD AND AND OPEN FIREPLACE. KING BED.

‘ORIENTAL’ OVERTONES POLISHED WOODEN FLOORS AND PANELLING AND AN OUTDOOR HOT TUB. KING BED.

THE CHAIRMANS’ SUITE IS A FREESTANDING BUILDING COMPLETE WITH TOWER AND VIEWING PLATFORM. THE BEDROOM FEATURES A 300YR OLD HANDCARVED RAJISTHANI BED MARBLE BATHROOM, A SEPARATE CHAMBER/ SITTING ROOM WITH ANTIQUE LEATHER CHAIRS AN OPEN FIREPLACE. KING BED

Oriental

ELEVATED BATH AND DRESSING ROOM. KING OR SPLIT TWIN BEDS. OUTDOOR PATIO WITH VIEWS TO THE TOWER ESTATE WINERY


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TOWER LODGE LOCATION

AWARDS • Winner 2011 “Best Luxury Lodge in Australia” World Luxury Hotel Awards • Winner 2010 “Luxury Lodge” World Luxury Hotel Awards • Winner 2010 “Best New Restaurant” National Savour Restaurant & Catering Awards • Winner 2007, 2008 & 2009 “Luxury Accommodations” Hunter Regional Tourism • Winner 2008 “Luxury Accommodations” NSW Tourism Awards

NINE RESTAURANT Nine is located nine feet underground in the original Tower Estate cellar. Warm earthy sandstone, wood surfaces and plush furnishings provide an intimate and luxurious dining experience for up to 12 guests. Undoubtedly, Nine restaurant is one of the finest restaurants in the Hunter Valley and arguably Australia wide. Headed by Executive Chef George Francisco, the restaurant serves a selection of nine seasonal degustation menus each of nine courses using, where possible, local Hunter Valley produce.

OCCUPATIONAL DETAILS

CONFERENCE SPACE

Currently Relais & Chateux have a membership agreement with the property.

The Tower Lodge includes a conference room with a separate sun room lounge break out area, or the perfect space for an intimate cocktail function. Currently rarely utilised, there is potential to drive the conference business, or possibly utilise this space to make additional rooms (STCA).

MEMBERSHIP FEE $20,000 + other fees and commissions apply COMMENCEMENT DATE July 2009 PERIOD Annual renewal TERMINATION terminable upon publication of the next edition of the international guide and no later than the end of December of the year following the resignation.

APPROXIMATE BUILDING AREAS FRONT OF HOUSE

580 sqm

MANAGERS FLAT LEVEL 1

173 sqm

ACCOMODATION

741 sqm

POOL AREA

80 sqm



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TOWER LODGE LOCATION

CONFERENCE LAYOUT - TOWER LODGE

45

LOUNGE

50

50

80

35

24

110

60

24

CONFERANCE ROOM

SUN ROOM

DINING

20

FINANCIALS TRADING SUMMARY

2009 ACTUAL

2010 ACTUAL

2011 ACTUAL

2012 ACTUAL

YTD APR 2013 ACTUAL

OCCUPANCY (%) AVERAGE ROOM RATE ($) REV PAR ($)

53.1% $ 392.08 $ 208.25

45.7% $ 456.39 $ 208.60

45.0% $ 514.01 $ 231.56

41.8% $ 564.22 $ 235.61

40.9% $ 379.38 $ 155.25

NET REVENUE ROOMS FOOD BEVERAGE OTHER F&B INCOME CONFERENCE OTHER INCOME

909,634 183,348 58,726 9,754 3,300 61,438

903,647 234,164 101,454 8,595 1,755 58,996

930,867 336,869 151,304 41,942 3,200 82,840

728,967 290,693 128,554 50,327 2,880 30,726

511,401 241,802 88,381 29,086 4,255 8,568

TOTAL NET REVENUE

1,226,199

1,308,611

1,547,022

1,232,147

883,493

6,925

(340,613)

84,563

(174,057)

(620,925)

GROSS OPERATING PROFIT




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TOWER ESTATE WINERY



TOWER ESTATE WINERY

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The Tower Estate Winery’s philosophy is to produce wines of classic style from fruit sourced from the specific Australian region that best suits a particular grape variety and style.


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TOWER ESTATE WINERY

PROPERTY SUMMARY

PROPERTY DESCRIPTION

Established in 1999, Tower Estate Winery’s cellar door is without rival in terms of positioning and presence. It catches the eye of any visitor to the Pokolbin area with high visibility from Broke Road.

Tower Estate Winery is located on the busiest section of Broke Road in Pokolbin. The unique architectural style, a blend of country Mediterranean architecture, ensures market awareness amongst visitors to the Hunter Valley. The building has been constructed and finished to the highest standard and features: • Modern cellar door sales and tasting bar • Two separate private tasting rooms • Two large offices • Bathroom facilities • Barrel Store • Winery • Warehouse

INVESTMENT HIGHLIGHTS WELL REGARDED BRAND An instantly recognisable brand within the premium range of the Australian wine industry, Tower Estate is rated a 5-star winery (James Halliday). A strong wine club guarantees a level of annual sales. PRIME LOCATION Prime corner location on Broke Road “golden mile”, the major tourist route in the Hunter Valley.

APPROXIMATE BUILDING AREAS CELLAR DOOR

300 sqm

An architecturally significant Hunter Landmark building which attracts retail customers

BARREL STORAGE

340 sqm

WINERY

340 sqm

REAR WAREOUSE

200 sqm

QUALITY EQUIPMENT State-of-the-art, fully equipped, 300 tonne winery with room to expand if desired. TRADING UPSIDE Potential to restructure the business to better utilise winery space and therefore increase revenue.

The front of house commercial premises are rendered masonry in earth tones with tiled flooring. The Cellar door building blends well with the more industrial construction of the Winery/Barrel Room and Warehouse. Car parking and winery access are constructed to a high standard. The winery building is designed to allow further expansion should further capacity be required. The winery is fully equipped and of a high standard to allow crushing, fermentation and storage to all be carried out on site.



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TOWER ESTATE WINERY

CONFERENCE LAYOUT - TOWER ESTATE WINERY

25

150

40

180

15

60

50

200

12

26

5

FINANCIALS TRADING SUMMARY

CASES SOLD AVG BOTTLE PRICE ($) NET REVENUE WINE - CELLAR DOOR WINE-CLUBS WINE - WHOLESALE WINE LNTERCOMPANY WINE EXPORT GONTRACT WINE MAKING BULK FREIGHT WET OTHER INCOME

TOTAL NET REVENUE GROSS OPERATING PROFIT

2009 ACTUAL

2010 ACTUAL

2011 ACTUAL

2012 ACTUAL

YTD APR 2013 ACTUAL

7,445 $ 17.97

8,932 $ 16.79

9,089 $ 14.98

8,160 $ 14.68

4,177 $ 17.44

716,591 568,078 101,801 111,530 107,576 167, 037 14,335 42,583

582,108 437,893 430,152 126,937 145,670 3,576 6,149 45,869

475,812 321,041 315,918 57,047 118,899

693,152 307,403 184,141 65,876 103,907

372,628 272,912 74,506 65,081 59,136

32,800 32,535

9,767 19,123

19,999

30,948

1,744 76,866 259,952 6,383

17,534

2,198

1,849,530

1,809,302

1,633,662

1,437,348

875,350

170,051

(673,633)

(1,006,601)

(729)

(70,394)




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PEPPERS CONVENT



PEPPERS CONVENT

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Set amidst the beautiful gardens and vineyards of Australia’s world famous Hunter Valley wine country. Peppers Convent Hunter Valley is just two hours drive from Sydney. It was was once home to the Brigidine Order of Nuns at Coonamble in New South Wales before being carefully transported 600kms to where it is now.


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PEPPERS CONVENT

PROPERTY SUMMARY

PROPERTY DESCRIPTION

Built in 1909 in Coonamble, Peppers Convent was once home to the Brigidine Order of nuns and was carefully transported 600kms to where it now sits in Tower Estate. It was lovingly restored to reflect the building’s charming heritage and character, taking elements of its design from a French Baroque hotel mixed with the character of an Australian country guest house.

With 17 well-appointed rooms, the hotel provides guests with the ultimate in Australian country luxury. As one of the best known hotels in Australia, the Peppers Convent will attract strong interest from investors keen to utilise the goodwill associated with this renowned hotel.

INVESTMENT HIGHLIGHTS ONE OF A KIND BOUTIQUE HOTEL The former convent is surely one of the country’s most unique boutique hotels. A favourite for weddings and romantic getaways, the hotel has appeared on ‘The Farmer Wants a Wife’ and is possibly the best known accommodation property in the Hunter Valley. OPERATIONAL IMPROVEMENT & REPOSITIONING There is an opportunity for the incoming purchaser to make operational and structural changes to better utilise the strong positive reputation of Peppers Convent to establish profitability. EASE OF OPERATION The actual hotel asset itself is simple to run, with only rooms and a very small food and beverage component. An operator may wish to separate this asset and run it on its own, simplifying the management as well as the financial complexity.

HOTEL FEATURES • Stunning tree-lined drive to circular entry • Seventeen guest rooms • Room service is available from Robert’s Restaurant • 24 hour reception • Kitchen • Conference room with seating for up to 20 guests • Central A/C • Landscaped grounds • Dining Room/Sunroom • Wisteria Courtyard • Detached semi-permanent marquee • Separate conference space • Separate building • Pool • Tennis Court • Mini Bus

CONFERENCE SPACE

RATES Peppers Convent luxury rate includes accommodation and breakfast:

DELUXE

$267.00

SUPERIOR

$288.00

ROOMS Rooms are tastefully decorated to reflect the hotel’s simple outback heritage. French doors and deep verandahs with views over beautiful gardens and the Hunter Valley vineyards, quality beds and boutique individual furniture pieces are featured. DELUXE ROOM - 9 ROOMS Features queen size beds, and bathrooms containing a deep bath enabling guests to immerse themselves in the tranquil atmosphere and relax. French doors open to verandahs providing guests with fantastic Hunter Valley views. SUPERIOR ROOM - 8 ROOMS With King Size beds, their own private lounge area, and bathrooms containing deep baths, the Superior Rooms are without doubt one of the finest accommodation options in the Hunter Valley. French doors open onto large verandahs with stunning views over the estate.

The Brigidine room features polished timber floors, as well as a tasteful breakout lounge area. The separate building is particularly well presented, having been refurbished recently. The property also currently features the Grand Marquee. A semi-permanent structure which can provide seating for up to 150 guests, the marquee opens to the side to enjoy those beautiful Hunter Valley Spring and Summer nights.

OCCUPATIONAL DETAILS Currently Peppers/Mantra have a marketing services agreement with the property. The following fees apply: LICENCE FEE 2% of gross revenue ($36,000 minimum entitlement) MARKETING SERVICES LEVY 1.5% of gross revenue ($30,000 minimum entitlement) OTHER FEES Other fees and commissions apply COMMENCEMENT April 2010 PERIOD 10 years with 2 options of 5 years (exercisable by Peppers) TERMINATION Subject to the payment of a fee



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PEPPERS CONVENT

CONFERENCE LAYOUT - THE BRIGIDINE ROOM

GRAND MARQUEE

130 TEA ROOM 20 50

DANCE FLOOR

150 CONFERANCE ROOM

60 1800

30

KITCHEN

FINANCIALS 2010 ACTUAL

2011 ACTUAL

2012 ACTUAL

YTD APR 2013 ACTUAL

OCCUPANCY (%) AVERAGE ROOM RATE ($) REV PAR ($)

37.3% $ 310.62 $ 115.72

44.2% $ 284.58 $ 125.78

63.7% $ 190.20 $ 121.10

61.4% $ 104.00

NET REVENUE ROOMS FOOD BEVERAGE OTHER F&B INCOME CONFERENCE OTHER ONCHARGES - TE OTHER INCOME

123,938 23,652 11,868 1,632 1,655 44,272 8,891

716,295 143,080 65,601 6,027 4,355 348,874 67,194

553,306 177,302 52,372 5,899

487,949 180,152 36,979 4,964

241,793 8,408

351,351 21,814

TOTAL NET REVENUE

215,908

1,351,425

1,039,080

1,083,208

79,946

24,642

110,745

118,541

GROSS OPERATING PROFIT




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ROBERT’S RESTAURANT



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ROBERT’S RESTAURANT

Set in one of Australia’s premium wine regions, Robert’s Restaurant is the perfect choice when seeking out the best that the Hunter Valley has to offer in fine food and wine.


39 I N FOR MATION M E MORAN DU M

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ROBERT’S RESTAURANT

PROPERTY SUMMARY

INVESTMENT HIGHLIGHTS

PROPERTY DESCRIPTION

Built in 1876 Robert’s Restaurant is situated in the stunning grounds of Tower Estate and is one of the Hunter Valley’s most iconic and treasured restaurants.

REPUTATION One of the Hunter Valley’s most iconic restaurants, Robert’s Restaurant has earned and held its position amongst the most well regarded restaurants in the Hunter Valley for two decades.

The restaurant itself is in two adjoining structures; an original heritage ironbark cottage that has been restored and renovated, and the larger main dining building which was erected in 1995.

LOCATION Located in the centre of the Hunter Valley’s most well-known property, the restaurant is surrounded by manicured grounds, herb and produce gardens, and views overlooking the Robert’s vineyard and Welsh Baptist Chapel.

Seating 120 guests, the property also includes an extensive commercial kitchen to suit the requirements of any of Australia’s top chefs, a number of small sheds for storage and supplies, the chapel, as well as the vineyards which form the main view from the dining area.

PRESENTATION Robert’s Restaurant exemplifies the very best of the modern Australian dining experience. The rustic Australian heritage style exterior and interior provide an ambience perfectly suited to the country’s leading wine region.

ORIGINAL COTTAGE Fully fitted with period furniture and attractively decorated with a rustic historic Australian homestead feel, the original cottage features a private dining room to seat 14 people, with a smaller room to provide a private dining experience for a party of four.

Robert’s Restaurant features a lounge area furnished with magnificent antiques where guests can relax with a pre-dinner drink, three private dining rooms including a dedicated wine room and main dining area surrounded by Tower Estate vineyards.

MAIN DINING ROOM Undoubtedly one of the finest dining areas in the Hunter Valley, the main building is typical of the Australian homestead theme, with hardwood timber, exposed beams, period furniture, and various prints and pieces which add to the ambience of the dining room.

CHAPEL Originally built in 1888, this Welsh Baptist Chapel has been lovingly restored. It is often used as a venue for wedding receptions. Fully equipped with a kitchen, bathroom, air conditioning, and separated from the restaurant with rows of vines, the Chapel is a valuable addition to the property which already entertains a strong level of wedding business. APPROXIMATE BUILDING AREAS MAIN RESTAURANT & ADJACENT COTTAGE

539 sqm

VERANDAH

112 sqm

CHAPEL

108 sqm



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ROBERT’S RESTAURANT

CONFERENCE LAYOUT - ROBERT’S RESTAURANT

THE CHAPEL

VERANDAH 110

40

90

50

40

29

MAIN DINING

150

60

26

24

CHAPEL

FINANCIALS 2009 ACTUAL

2010 ACTUAL

2011 ACTUAL

2012 ACTUAL

YTD APR 2013 ACTUAL

22,389 $ 105.46

20,660 $ 100.46

20,532 $ 118.14

17,927 $109.70

19,323 $ 101.25

NET REVENUE ROOMS BEVERAGE FEE INCOME - CEREMONY EQUIPMENT HIRE DISCOUNTS OTHER INCOME

1,685,240 631,269 1,882 14,463 2,072 30,265

1,477,613 522,517 7,275 8,095 76,269

1,668,112 673,215 5,837 27,071 21,103 72,449

1,340,281 554,293 26,227 52,584 36,595 29,888

1,410,979 546,069 23,706 23,484 52,220 4,420

TOTAL NET REVENUE

2,361,047

2,075,579

2,425,580

1,966,678

1,956,438

39,498

(213,443)

143,559

8,975

(219,883)

NO. OF COVERS AVERAGE SALE PER COVER ($)

GROSS OPERATING PROFIT



43 I N FOR MATION M E MORAN DU M

SITE & LEGAL

ADDRESS

LEGAL DESCRIPTION

Cnr Halls and Broke Roads, Pokolbin, NSW 2320

BUSINESS

DP

LOT

ADDRESS

AREA (Ha)

SITE AREA

WINERY & LODGE

755252

55

6 Halls Road

16.190

PEPPERS CONVENT

270071

6

Halls Road

1.593

PEPPERS CONVENT

270071

8

Halls Road

1.360

ROBERTS RESTAURANT

270071

10

64 Halls Road

1.554

SERVICES

ROBERTS VINEYARD

270071

11

66 Halls Road

0.478

Services available include electricity and telephone, town water, on-site sewerage and gas

TOTAL

21.175 total hectares for Tower Lodge & Tower Estate Winery, Robert’s Restaurant, and Peppers Convent

LOCAL GOVERNMENT AREA OF CESSNOCK PARISH OF POKOLBIN COUNTY OF NORTHUMBERLAND STATE OF NEW SOUTH WALES

21.175


44

SALES PROCESS

Expressions of Interest are to be submitted by email to the agents listed, or at the offices of CBRE Sydney and/ or Jurd’s Real Estate, marked to the attention of the exclusive agents that are listed on the introduction page.

Potential purchasers’ written information should include reference to:

• The total price in Australian Dollars, to be paid in cash on completion, for the Tower Estate, Tower Lodge & Tower Estate Winery, Peppers Convent, and/or Robert’s Restaurant. • The basis on which the price is offered and assumptions made in arriving at the offered price.

The properties are offered either ‘in-one-line’ or individually.

• The principal conditions to which any offer would be subject, including details of corporate, shareholder, regulatory or other approvals required, if any.

Potential purchasers are requested to communicate their interest in the form of a non -binding, preliminary written indication of interest to CBRE Hotels and/or Jurd’s Real Esate.

• The names, addresses and contact numbers of the key transaction personnel. • Details of the offering vehicle or entity and identity of principal involved. • The names, addresses and contact numbers of any advisors. • Under no circumstances should employees of Tower Estate, Tower Lodge & Tower Estate Winery, Peppers Convent, and/or Robert’s Restaurant be contacted in connection with this Information Memorandum or the proposed Transaction.

DISCLAIMER FOR INFORMATION MEMORANDUM

GENERAL

This information memorandum (“IM”) has been prepared

assessment, investigation and appraisal. Any statement

out of the information including, without limitation, any

The information set out in this document has been prepared

by CBRE Hotels (“CBRE”) and is prepared on the basis of

or opinion of CBRE whether express or implied is not, nor

errors, misrepresentation or omissions. CBRE disclaims all

using information derived from a variety of external

information provided to CBRE in connection with the relevant

should be construed as a recommendation by CBRE or

responsibility for any loss or damage caused by reliance

sources. CBRE does not warrant the accuracy of any of

transaction. Any statement or opinion made by CBRE in

any of its officers, agents or employees to participate in the

by any person on this IM or any representation, warranty or

the information and does not accept any legal liability or

connection with the transaction contemplated in the IM is not

transaction and, to that ex tent, no reliance will be placed

statement made by or on behalf of CBRE and its associates.

responsibility for any injury, loss or damage incurred by the

based on any actual or implied knowledge or consideration of

on CBRE or its associates. CBRE and its associates do not

This IM is confidential and is for the sole use of persons

use of, or reliance on, or interpretation of the information

the investment objectives, financial situation, legal or taxation

warrant (expressly or impliedly) that information contained in

directly provided with it by CBRE and is not to be reproduced,

contained herein.

position or any other particular needs or requirements of

this IM is complete, true and correct and not misleading or not

copied or sent to any other person without the prior writ ten

the recipients of this IM. All par ties must make their own

likely to be misleading or deceptive. CBRE and its associates

consent of CBRE. The use by, or reliance upon this document

independent assessment and investigation including without

are not responsible and will not under any circumstances be

by any other person is not authorised by CBRE and without

limitation, seeking professional advice and must determine

liable (whether at law, in equity, under statute or otherwise)

limitation to the above disclaimers, CBRE is not liable for any

its interest in proceeding upon the basis of such independent

for any statement made or anything contained in or arising

loss arising from such unauthorised use or reliance.




FOR FURTHER DETAILS ABOUT THIS OFFERING, PLEASE CONTACT THE AGENTS LISTED:

ROB CROSS Regional Director

PAUL KAPIRIS Negotiator

ALAN JURD Principal

CBRE Hotels T: +61 2 9333 3427 M: +61 408 418 306 E: rob.cross@cbre.com.au

CBRE Hotels T: +61 2 9333 3549 M: +61 418 853 373 E: paul.kapiris@cbre.com.au

Jurd’s Real Estate P: +61 2 4991 4000 M: +61 417 677 924 E: alanj@jurds.com.au


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