Popular Queensland publican Jaz Mooney has sold the Normanby Hotel to locally based Ingham-Myers Hotels for $15m, in deal a deal brokered by CBRE’s Paul Fraser via and Expression of Interest campaign.
The inner-Brisbane hotel was built in 1890 and is a multi-level, heritage-listed building occupying 4162sqm, with 35 gaming machine authorities, multiple bars, restaurants, a beer garden, and functions areas.
According to CBRE, Ingham-Myers Hotels is looking to reposition the pub to re-establish the Normanby as a market-leading venue.
Mooney said: “I am happy to see the Normanby Hotel be retained by safe hands and I look forward to seeing what the new owners do with this iconic Brisbane pub.”
Fraser added: “The opportunity to acquire an iconic, inner-Brisbane hotel with strong value-add and future redevelopment potential is scarce, and the interest and enquiry we had throughout the campaign process was evidence of this.
“With the substantial $2.1 billion Brisbane Live development including an 18,000-seat stadium above the new Roma Street Cross River Rail Station, the area is set for a period of prolonged infrastructure stimulation and economic growth.
“We are currently in the midst of a gaming boom in South East Queensland with respect to both revenue generation and the value of gaming machine authorities. 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 most recent gaming authority tender, which was the debut auction for the year-long trial where taxation was reduced from 33 per cent to 15 per cent, saw authorities in Queensland’s South East region sell for a record average price of $374,471 per authority. There was also an increase in liquidation in the market with 39 authorities trading, the most since 2019.