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Iconic Brisbane pub sold with an eye to reposition

Adding to their portfolio, Ingham-Myers Hotels is looking to reposition the pub to re-establish the Normanby as a market-leading venue.

BRISBANE –  Queensland publican Jaz Mooney of Middle Head Ventures has sold Normanby Hotel to locally based Ingham-Myers Hotels for $15 million. Built in 1890, the multi-level, heritage-listed building occupies a 4,162 sqm site and offers 35 gaming machine authorities, multiple bars, restaurants, a beer garden, and functions areas. CBRE’s Paul Fraser brokered the sale via an Expressions of Interest campaign.

“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,” Mr Fraser said. “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.”

Adding to their portfolio, Ingham-Myers Hotels is looking to reposition the pub to re-establish the Normanby as a market-leading venue.

Mr 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.”

Mr Fraser noted, “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% to 15%, 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.
 

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