Three popular Queensland pubs sold for $23m
A 140-year-old Brisbane hotel, which once claimed a crocodile and a swearing parrot as residents, has sold for $4.6m as the country‘s largest pub landlord slims its property portfolio.
An unidentified Brisbane investor has purchased the Kedron Park Hotel after it was auctioned off Wednesday by ALE Property Group.
ALE also sold two other Queensland pubs – the Edinburgh Castle Hotel in Brisbane’s inner north and Pelican Waters Tavern on the Sunshine Coast – to Brisbane investors for $7.5m and $10.8m respectively.
Pelican Waters Hotel had been valued by ALE at $7.6m, Edinburgh Castle Hotel at $7.5m and the Kedron Park Hotel at $3.4m.
The pubs are leased to Australia’s largest pub operator ALH, which is on a 25-year term to 2028 plus four 10-year options to 2068.
Pelican Waters Tavern on the Sunshine Coast sold for $10.8 million. Picture: realcommercial.com.au/for-sale
Burgess Rawson Queensland sales director Glenn Conridge said the hotels attracted strong bids from both local and interstate investors interested in picking up properties with a quality, long term tenant. ALE‘s Top Pub hotel in Morwell, Victoria, also was sold to a Queensland investor.
“It is rare for such established hotels to hit the market,” said Mr Conridge. “And it interesting that all the buyers were Queensland investors, who love their pubs.”
The Kedron Park Hotel was built in 1881 opposite a racecourse that for many years provided the pub with a ready clientele.
The Edinburgh Castle Hotel sold for $7.5 million. Picture: realcommercial.com.au/for-sale
Bookmakers operated in the front bar and two-up games were held on the first floor. Under the ownership of James Cavill a brick extension was added on the Lutwyche Rd frontage in 1920. The licensees also ran a popular zoo behind the hotel, famous for its crocodile and swearing parrot.
All three Queensland hotels feature an on-site BWS liquor store, sports bar, gaming room and bistro providing multiple revenue streams.
ASX-listed ALE owns the freehold to 86 pubs around Australia, which have a combined value of more than $1.2bn. Mr Conridge said hotel owners such as ALE were taking advantage of strong market demand for quality properties.
This article was first published on www.theaustralian.com.au.
