One of south east Queensland’s strongest performing pubs, the Meadowbrook Hotel, has been sold to Gallagher Hotels for $6 million.
Gallagher Hotels owns several assets across NSW including PJ Gallagher’s Irish Pubs and Mr G’s, with the Meadowbrook Hotel being its first acquisition into Queensland. The sale was handled by CBRE Hotels’ Paul Fraser, on behalf of Pelathon Management Group.
Located on a 5,934sqm site on the corner of Loganlea Road and Logandowns Drive, the venue derives income from bars, alfresco dining restaurant, accommodation, 40 gaming machines and a drive through bottle shop – ensuring diversity of cash flow.
CBRE Hotels Director Paul Fraser said, “Meadowbrook Hotel is situated in a renowned high gaming corridor between Brisbane and the Gold Coast. It is prominently located in Meadowbrook’s commercial centre, with trade underpinned by infrastructure such as Logan Hospital, the Logan campus for Griffith University, Meadowbrook Plaza and a new Woolworths anchored shopping centre. This played a significant part in the high level of interest we received on this asset.”
“This is a prime example of a high-profile Sydney publican looking at opportunities north of the border, where capitalisation rates are substantially softer than their counterparts in NSW,” Mr Fraser added.
CBRE Hotels is currently marketing another leasehold asset, the Criterion Tavern, which has a similar strong gaming performance and the 25 gaming authorities owned by the leasehold owner.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.