21 October, 2010

Crocodile Dundee pub attracts buyer enquiries from all over Australia

It was the mythical home to Mick ‘Crocodile’ Dundee in the 1986 Australian movie blockbuster, and now the famous Walkabout Creek Hotel at McKinlay in Northern Queensland is looking for a new owner.

For the past 24 years, Paul Collins has owned the popular tourist attraction, located on the Matilda Highway, which was originally built in 1900 as the Federal Hotel.

Sales agent Nathan Henderson, principal of Raine & Horne Ingham & Beaches, said the famous Australian landmark was attracting significant interest from a wide range of parties from regional and coastal Queensland, Northern Territory and Victoria.

“Most are genuine buying enquiries, although there have been calls from nostalgic movie buffs,” Mr Henderson said.

He added that the sale was attracting substantial media interest from journalists in Germany, Indonesia and even the UK’s BBC.

“The majority of buying enquiries are from parties attracted to the idea of life in the Australian Outback and the genuine returns," he said.

“We are asking $1.25 million for the freehold rights for the entire property, which is currently generating an annual income of $300,000. This is a yield of 24.4% which is very competitive," he said.

Apart from the Walkabout Creek Hotel, which has 14 single rooms, there is a caravan park providing 30 powered and unpowered sites, as well as two residential houses. There are also sizeable stables and neatly fenced paddocks (with shade) for horses.

While the pub and caravan park attract substantial tourist dollars, the reality is the business generates revenues from a diverse mix of clientele.

“McKinlay has significant mining operations and exploration fields nearby and many companies use the hotel as a base for their personnel,” Mr Henderson said.

“This includes BHP Billiton’s Cannington Mine, located 87km south of McKinlay, and is the world’s largest and lowest cost single mine producer of both silver and lead.”

Potential buyers should note that the pub was moved about a kilometre from its original location about 20 years ago after the redirection of the popular Matilda Highway.

“The pub was renovated, however the character depicted in the Crocodile Dundee movie was maintained,” he said.

Trading figures and a detailed outline of the business are available to qualified buyers. The owners will consider selling the leasehold business at $400,000 for 20 years with an annual rental of $80,000.

For enquiries or to organise an inspection of Walkabout Creek Hotel, contact Raine & Horne Ingham & Beaches on (07) 4776 5944 or 0417 840 038.

Raine & Horne is an iconic Australian property firm, with more than 400 offices worldwide. Also an established Superbrand along with the likes of Qantas, Vegemite, Woolworths and Myer, the company has four distinct property service brands including Raine & Horne Residential, Raine & Horne Commercial, Raine & Horne Financial Services and Raine & Horne Rural.

For further media information contact:

Nathan Henderson, principal Raine & Horne Ingham & Beaches on (07) 4776 5944 or 0417 840 038

Anna Truman, National Marketing & Communications Co-ordinator on (02) 9258 5448