Strong interest in iconic site's auction

The former site of The Golden Ox restaurant will be auctioned later this month, with strong interest from those looking to use it as a hospitality venue or adapting it for other purposes and developers.

Colliers Associate Director Philip ODwyer says he is expecting a large group at the onsite auction on October 26 at 11am. There have already been a number of inspections.

“We have had a very strong response to the marketing campaign. The parties that are showing the most interest vary in their vision for the future of the property,” Philip says.

“Some are looking to reopen the facility as a hospitality venue, others are looking at adapting the building for different uses and then there are the developers who see value in the land with its District Centre zoning.”

The property, at 330 Oxley Ave, Margate, had been home to The Golden Ox restaurant and reception centre since 1980 after the business moved from its original location at Kippa-Ring. It celebrated its 45^th birthday last year.

The property and business were sold late last year and have since fallen into receivership.

Colliers, under instructions from Shabnam Amirbeaggi of Crouch Amirbeaggi Receiver Managers of NPC Golden Ox Pty Ltd, is presenting the sale as a ‘freehold vacant possession’ opportunity.

The 660sqm building contains a restaurant, bar and dividable function facilities connected to an outdoor garden area suitable for weddings, receptions, and other functions. The main floor sits above a 29-space carpark and utility rooms.

“The structure of the building, favourable District Centre Precinct zoning and high street location may lead a new owner to pursue other uses for the property beyond its current function as a licensed venue,” the sales material says.

Under Moreton Bay City Council’s planning scheme, the site could be become or be used for any of the following: bar, caretaker’s accommodation, childcare centre, club, community care centre, dual occupancy- if in a mixed use building, dwelling unit, emergency services, food and drink outlet, hardware and trade supplies - if 250m2 GFA or less, health care services, home-based business, hotel, low impact industry - if not located adjoining a main street, market, multiple dwelling, office, place of worship, rooming accommodation, sales office, service industry, shop, shopping centre, short-term accommodation, or showroom - if 250m2 GFA or less.

Colliers says the property’s key investment attributes include:

• Well established licensed restaurant/ function centre

• 1,831m²* freehold land parcel with three street frontages

• 660m²* internal space plus additional outdoor function centre spaces

• Approval for gaming room (45 machines) refurbishment

• Vacant possession

• Business assets (FF&E, licenses, business name) included in the sale

• Centre Zone (District Centre Precinct) under Moreton Bay Regional Council

• Significant repositioning/ redevelopment options for retail, commercial, hospitality uses