Iconic Brisbane pub, The Normanby Hotel, is being offered for sale for the first time in 15 years.
Co-owned by Michael Dempsey and Otto Wilhelm since 1999, the heritage-listed Red Hill hotel has been one of Brisbane’s favorite watering holes since its relaunch just in time for the 2003 Rugby World Cup.
On the doorstep of Suncorp Stadium and only two kilometres from the Brisbane CBD, The Normanby has become synonymous with being a meeting place before and after a game and the Sunday afternoon sessions in its famous beer garden.
Mr Dempsey said he was selling the hotel in order to concentrate on his core business of property technology through real estate property management software, Console.
He sold his electronics payments business Ezidebit for $305 million in 2014.
The Normanby Hotel is being offered for sale by CBRE Hotels’ Queensland Director Paul Fraser and National Director Daniel Dragicevich. They are marketing the property on behalf of the owners via an EOI campaign.
Mr Fraser said the pub commands a high traffic flow position, located on dual street frontages at the Normanby Fiveways and primed to capitalise on the end of the working day trade with its left outbound position.
“The hotel boasts huge underlying value with 35 gaming machines on site offering significant gaming upside potential. On top of this, the prime location of the hotel and the huge expanse of land this asset offers makes it an obvious development play in the future,” Mr Fraser said.
The enormous 3,655 sqm site incorporates the multi-level heritage listed pub and a huge car park.
“Ultimately the incoming purchaser has a blank canvas in which to reinvigorate and reposition the pub immediately whilst also having the future opportunity to maximize the site to its highest and best use through substantial development.”
“With large scale future development potential and an enviable past track record in pub trading, The Normanby Hotel is expected to be a highly sought-after pub in an historically tightly held South East Queensland asset class.”
“We are expecting a large amount of interest nationally from this campaign. The pub’s high profile will certainly raise the interest of many of the larger publican groups in all states looking for a strong foothold in South East Queensland,” Mr Fraser concluded.
The EOI process closes on Thursday 5th April 2018 at 2pm (AEST).
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