Industry stalwart Patrick Ryan has teamed with the recently unemployed former CUB CEO Peter Filipovic in a new independent pub venture, buying the Commercial Hotel at Redbank.
The principal of Ryan’s Hotel has joined with the recently former head of Carlton & United Breweries to purchase the freehold going concern in the new entity’s maiden acquisition, securing a major hotel in south-east Queensland, amid continued growth in demand for the region.
“We are delighted to have retained the Commercial’s passionate staff, and will endeavour to keep the pub genuine, and at the heart of the Redbank community as it has been for over 100 years,” says Ryan.
The two-storey Commercial Hotel was built in 1915 and occupies a spacious 2,702sqm site, just 300 metres from Redbank Train Station and Ipswich Motorway, in south-west Brisbane.
It comprises a sports bar with a separate TAB area, gaming room with 24 machines, indoor bistro and adjoining outdoor dining area, modern kitchen, walk-in bottle shop, and four accommodation rooms and an office on the upper level.
Roconcil P/L has owned and operated the Hotel since 2018, and recently invested circa $650k in a refurbishment.
“Since purchasing the venue, the community has welcomed and supported us all the way through,” offers Roconcil MD Gerry Murphy.
“We are extremely proud of what we have achieved in a short period and wish the new owners nothing but success.”
The sale was brokered by CBRE Hotels’ Paul Fraser, who also sold it to Roconcil in 2018.
“The venue is a consistent Top-200 gaming performer in Queensland, which is extremely impressive given it largely competes against assets with over 35 machines,” says Fraser.
South-east Queensland is another area experiencing continued growth in demand for hotels, particularly those with strong underlying value.
The Commercial is in a strong gaming market, and the value of authorities in the region has risen 42 per cent in the past year, reaching $282k each.
“This sale highlights that demand for assets located in south-east Queensland has outstripped supply from astute southern buyers looking to reallocate capital with value and long-term growth opportunities,” adds Fraser.
“SEQ has become an attractive market nationally, with record infrastructure spending, comparative pricing, lifestyle choices and the Olympic Games all seen as favourable short-, medium- and long-term attributes for the State.”
