This article is from the Australian Property Journal archive
A SYDNEY-based hotel group has bought the Acacia Ridge Hotel in Brisbane, arguably Queensland’s and possibly Australia’s largest pub, for approximately $16 million.
The hotel was sold by long term owners Andrew and Regina Stratis to a Sydney group, which is making its first foray into the QLD market.
A spokesperson for the group said the group plans to upgrade to the dated gaming fleet and will explore development opportunities due to the sheer size of the hotel.
The hotel occupies a 18,450 sqm landholding in Brisbane’s south-east growth corridor, offering a gross floor area of over 9,000 sqm.
CBRE Hotels manager Glenn Price said the hotel attracted significant buyer interest and was eagerly contested by hoteliers and developers.
“We were more than happy with the level of enquiry through the sale process, with buyers from across most states in Australia enquiring on the asset and playing a part in the EOI process. There is an ever increasing desire from interstate publicans to enter into the QLD hotel sector at what they perceive to be an opportune time.
“High profile assets and those with development potential in other states are often tightly held and command bullish prices if they do come up for sale. Yields here in QLD, while strengthening, are still generally lower than those of the Sydney and Melbourne markets,” he added.
The Acacia Ridge Hotel has 40 machines, multiple bars, gaming room, functions rooms and a bistro, a drive-through bottle shop, two detached bottle shops, 27 motel rooms and 233 car parking spaces.
CBRE Hotels is also in the process of completing the sales and marketing campaign of the iconic Grand View Hotel at Cleveland, which is situated on the shores of Moreton Bay overlooking North Stradbroke Island.
The Grand View is known as Queensland’s oldest hotel dating back to 1851, which has operated continuously since its inception. It is expected to sell for around $15 million dollars.
Property Review
