Investors tee up for Holey Moley Potts Point property sale
One of the most recognisable Holey Moley venues in Sydney will have investors teeing up to add the property to their portfolios.
The mini-golf and bar venue at Potts Point sits directly below the iconic Kings Cross Coca-Cola sign, and agents predict a diverse range of candidates will be keen to take a swing at acquiring the 1100-square-metre floor plate.
Colliers’ Miron Solomons and Matt Pontey are marketing the property with Knight Frank’s Jessen O’Sullivan and Andrew Harford in an expressions of interest campaign. They’re expecting it to sell for about $16 million, with Mr Solomons saying it was “easily” one of the biggest strata floors in the fringe CBD market.
The mini-golf and bar business is three years into a five-year lease, with another two five-year options.
“The future potential of this property is incredible,” Mr Solomons said. “The eastern suburbs and city fringe have undoubtedly been in hot demand over the past 12 months and an asset of this size in Potts Point and in particular with this calibre of tenant delivers an exceptional opportunity at the perfect time.”
The property has three street frontages, a nightclub and liquor licence, and sits above a Coles supermarket.
Plus, Mr Pontey said, the recent lifting of NSW’s lockout laws in the area would only help increase the value of the property.
“We have seen a flurry of operators looking to re-enter this market,” he said.
Holey Moley has venues around the country, and another branch in Newtown is based in the old Sandringham Hotel on King Street. That building sold in January for $5.4 million, with the lease to Holey Moley continuing.
Funlab, the company that owns Holey Moley, was sold to private equity firm TPG Capital at the end of last year for $250 million.
The expressions of interest campaign will run until May 20.
