Queensland-based The Good Time Group have acquired the Stradbroke Island Beach Hotel in an equal partnership with Anthony Moreton Group.
The hotel was sold by developer and investor Bob Hill after 26 years of ownership in an off-market deal steered by JLL’s Tom Gleeson. The only pub on an island just off the Brisbane coast, Good Time Group CEO Ben Walsh said it was too good an opportunity to pass on.
“We saw what an absolutely genuine and unique opportunity it was and one that I feel that won’t likely come up again, being the only hotel on an island that’s only a 20-minute ferry ride away from Brisbane.
“We also felt that the hotel – with respect to the previous owners – wasn’t realising its full potential. We thought it wouldn’t take much to realise some blue sky in it. We felt that the island really deserves something that represents the island as it should.”
The hotel is positioned on a large 3267sqm lot and comprises a main bar, bistro, beer garden, gaming room with 15 EGMs, function room, drive through and a detached bottle shop, 15 hotel rooms as well as caretaking and letting rights for the luxury apartment complex sitting adjacent to the hotel.
The Good Time Group and Anthony Moreton Group partnership plans to make a significant investment into the hotel to transform the venue into a destination in its own right.
“Most people visit Stradbroke Island to have a break of some sort, like a fishing or camping trip. But the island really lacks decent F&B offerings. So we felt within the new hotel development we could offer a proper dining option as well,” explained Walsh.
“And my hopes for that will be that people may day-trip to the island because of the venue. I see an opportunity there to create something really spectacular that becomes a real tourist hotspot for those who want to experience some great F&B as well.”
Walsh told Australian Hotelier that the main offer will still be a pub which appeals to locals, campers and tourists alike, but with an amped-up service model, as well as better quality food, wine and cocktail lists.
“And then we might go into a more refined offering in terms of a restaurant on the site as well.”
While North Stradbroke Island receives 400,000 visitors annually, it has a residential population of roughly 2200, meaning staffing is an exacerbated issue for the hotel. Walsh hopes that he and his team can come up with some creative solutions to the personnel problem. He also has convinced suppliers to deliver to the island, so as to not restrict the pub’s offer.
“We’ve been working really closely with our suppliers and we’ve also convinced some new suppliers to deliver to the island as well. So I’m pretty confident that we’ll be able to offer a product that is as good as if we’re on the mainland.”
Stradbroke Island Beach Hotel joins Miss Moneypennys Noosa, Miss Moneypennys Broadbeach and Fast Freddys Beach Bar and Diner as part of the Good Time Group portfolio.