Brisbane’s Normanby Hotel has been sold to Ingham-Myers Hotels for $15 million.
The heritage-listed building, on a 4162sq m site north of the city centre, was most recently owned by Queensland publican Jaz Mooney, who acquired it in 2019.
Ingham Myers, owners of the Rocklea Hotel, plan to “reposition” the pub and “re-establish the Normanby as a market-leading venue”.
The deal was brokered by CBRE senior director Paul Fraser, who said it had been a rare opportunity to acquire a inner-Brisbane hotel with future redevelopment potential.
“With the $2.1-billion Brisbane Live development, including an 18,000-seat stadium above the new Roma Street Cross River Rail Station in the pipeline, the area is set for a period of prolonged infrastructure stimulation and economic growth,” he said.
The Normanby currently has 35 gaming machine authorities, multiple bars, restaurants, beer garden, and functions areas.
“We are currently in the middle of a gaming boom in South-East Queensland with respect to both revenue generation and the value of gaming machine authorities,” Fraser said.
“This has underpinned the tightly held nature of inner-city assets with gaming pubs becoming even more coveted as strategic investments.
“With the value of gaming showing continual growth, Brisbane’s elevated infrastructure pipeline, and the 2032 Brisbane Olympics on the horizon, the trading outlook for pubs is strong and we expect investor sentiment for these assets to remain robust through 2023.”
The Normanby was put on the market earlier this year after a $4-million refurbishment.
The prominent Brisbane pub has had a challenging history, with a proposed 15-storey development and underground nightclub next to its heritage-listed hotel being rejected by Brisbane City Council’s City Planning Committee in 2019.
With the Olympics on the way, Brisbane is abuzz with talk of redevelopment and the Red Hill suburb is no exception. Earlier this year, the former Queensland Egg Board site was recently for a development with electric car company Tesla tipped as its anchor tenant.
Article source: www.theurbandeveloper.com
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