By Clyde Mooney – editor Australian Hotelier
The sale of the leasehold of Fortitude Valley's The Met generated "enormous interest" and an unprecedented transaction price circa $3.5 million.
Angus Cattanach, Trent Meade and Matt Blyth of Revelry Entertainment have purchased the massive 1300 square metre, 1800 patron hotel and nightclub from Cole Enterprises.
The Met is just 300 metres from the pair's current venue, The GPO Hotel, and even closer to the $26 million from the recent Riverdale acquisition, the Elephant Arms.
The sale was transacted by Jones Lang LaSalle Queensland manager Paul Fraser, who also sold the GPO to the same group a few years ago.
Fraser told TheShout that investors have been interested in the area's reputation as a consistent entertainment district, and "the synergy of so many licensed venues in close proximity". [continued below]
The Met's nightclub interior
"There is a renewed interest in leaseholds," says Fraser.
"Vendors are more receptive; purchasers are attracted to a cash-flow business; but most importantly banks are now receptive to businesses with a proven bottom line over the last few years in this renowned tough economic climate."
With the venue already sporting an impressive multi-million dollar fitout, Revelry Entertainment has no immediate plans for renovating, but will be sourcing some of the world's biggest DJ acts for "Vegas and Ibiza-style" events.
"After ten months of negotiations we are thrilled to now be officially at the helm of The Met," said director Angus Cattanach.
"It is such an exciting time for everyone involved at Revelry Entertainment. It is a great venue with so much potential, we are looking forward to bringing Brisbane nightlife a new level of entertainment."
The sale stems from Cole Enterprises director Chris Cole's decision to pursue business interests in Thailand.