The Spotted Cow in Toowoomba, has been sold to Queensland hospitality operation, Hallmark Group.
The beloved pub in the Darling Downs region has been closed since the start of pandemic, and was since placed on the market by long-term owners Mick and Dianne Coorey. The sale campaign for the freehold going concern was negotiated by CBRE Hotels’ Paul Fraser and Power Jeffery & Co’s Peter Power.
“This sale heralds the beginning of a new era of ongoing development for this Queensland institution, which for the past 24 years has been proudly owned and operated by the Coorey family,” stated Power.
“Whilst the asset is not currently trading, this sale highlights the appetite astute buyers have to acquire and reposition long-established pubs with strong underlying values,” Fraser added.
The Spotted Cow offers diversified income streams from bar, food, functions, entertainment and 20 gaming machines. It occupies a corner position on the main street of Toowoomba, Australia’s largest inland provincial city.
The Spotted Cow has a long history in Toowoomba, first licensed as a tannery in 1892 before becoming the Sovereign Hotel. The pub has had many identity shifts since then, but has been beloved by locals as The Spotted Cow since 1990.
Hallmark Group’s director, Scott Hempel, is excited to renovate the hotel and usher in a new era of its history.
“The Spotted Cow renovation and reopening is an exciting project for Hallmark Group and myself. Growing up in the Darling Downs, I certainly feel a strong local connection and appreciation for the venue’s history and charm, which we look forward to honouring,” Mr Hempel said.
“The Spotted Cow has truly become an institution central to the local community – a place where guests can sink a schooner, yarn with a neighbour and feel that genuine sense of community the Darling Downs is known so well for.
“We will be celebrating this history and local reputation by continuing to provide the best classic pub eats, TAB gaming, live sport and entertainment in the Darling Downs region.”
Steak will continue to be the hero of the pub’s menu, with Hallmark installing a new dry-age cabinet in the venue, as well as a floating wood-fire grill.
Regardless of what kind of restrictions it is under, Hempel told Australian Hotelier he is excited to welcome locals back to The Spotted Cow soon.
“We certainly jumped at the opportunity to purchase the venue and Hallmark Group are excited to reopen The Spotted Cow after it temporarily closed during COVID-19. We are confident that patrons will have a great experience at The Spotted Cow, even under current restrictions – which we’ll hopefully see relax soon.”
The Spotted Cow is the first addition to the Hallmark Group portfolio outside of Brisbane and the Gold Coast. The portfolio consists of pubs, restaurants and nightclubs including two Finn McCool’s Irish Bars, Lefty’s Music Hall and Lost Kingdom Nightclub.