- Historic Commercial Hotel at Redbank sold for an estimated $11 - 12 million
- New pub venture formed by former Carlton & United Breweries CEO and Ryan’s Hotel Group founder
- Beyond hospitality another two industrial facilities near Brisbane have sold for a combined $15.8 million.
The historic Commercial Hotel at Redbank has been sold to a new pub group on Queensland’s hotel market scene.
Recently retired Carlton & United Breweries CEO Peter Filipovic has entered into a hospitality venture with Ryan’s Hotel Group founder Patrick Ryan. The duo reportedly paid an estimated $11-12 million for the freehold going concern interest of the 1910 hotel in Brisbane’s southeast.
The Commercial Hotel is located on an expansive 2,702sqm site and is 300m from the Redbank Train Station and Ipswich Motorway, which connects Brisbane and Ipswich.
The venue offers a sports bar with a TAB area, a gaming room with 24 machines, an indoor bistro and adjoining outdoor dining area, a modern kitchen facility, a walk-in bottle shop, four guest rooms and an administration office on the first floor.
“We are delighted to have retained the Commercials passionate staff, and will endeavour to keep the pub genuine, and at the heart of the Redbank community as it has been for over 100 years,” Mr Ryan said.
The former owner Roconcil Pty Ltd acquired the hotel in 2018 for $6 million, making a healthy yield from the sale.
Roconcil Managing Director Gerry Murphy has highlighted the support that he received from the community since Roncil first purchased the venue.
“We are extremely proud of what we have achieved in a short period and wish the new owners nothing but success,” Mr Murphy said.
The Commercial Hotel has undergone refurbishments of circa $650,000.
The deal was secured off-market by CBRE Hotels Senior Director Paul Fraser.
CBRE’s Mr Fraser said the deal highlighted continued growth in demand for South-East Queensland hotel assets, particularly those with strong underlying value drivers.
“The venue is a consistent top 200 gaming performer in Queensland, which is extremely impressive given it largely competes against assets with over 35 machines.”
“This sale highlights that demand for assets located in South East Queensland has outstripped supply from astute southern buyers looking to reallocate capital with value and long term growth opportunities.”
“South East Queensland has become an attractive market nationally with record infrastructure spending, comparative pricing, lifestyle choices and the Olympic Games all seen as favourable short, medium and long term attributes for the State”.
Industrial & Logistics Acquisition
It seems buyers are looking beyond only hospitality investments with another two industrial facilities near Brisbane selling for a combined $15.8 million.
Corval Industrial Infill Trust has acquired the neighbouring sites at 52 and 60 Formation Street off-market.
CBRE agents Jack Hardy and Sean Skeffington managed the deal. Mr Skeffington commented that the two properties represent large infill landholdings within one of Brisbane’s most established industrial precincts.
“The sites offer significant holding income for the purchaser who has a vision to add value to the sites over time and capitalise on the lack of industrial land in the area,” Mr Skeffington said.