Sydney-based Queenslander billionaire Nick Politis has secured acquisition of the Sunshine State’s most iconic pub, the Caxton Hotel, from long-time veterans the Farquhar family.
The Caxton first opened in 1864, but in 1873 the original pub burned down and a new version was built across the road, where it has remained since.
Pre-dating the old Lang Park, the Caxton holds an inimitable association with rugby league in Queensland, particularly around State of Origin and the Magic Round.
Able to hold 1,000 patrons inside and another 400 in the car park, games are screened live and loud on big TVs. It was at capacity for last month’s NRL Grand Final, when the Broncos earned a 26-22 win over Melbourne.
In days gone by the NSW team would parade down Caxton Street in buses and drinkers at the pub famously stood outside to throw cans of XXXX at them as they made their way to the game.
The tradition was banned on safety grounds, but thousands of fans still gather at The Caxton before the short walk to Suncorp Stadium, and the pub continues to benefit from patronage to major events.
Politis, best known as the name behind City Ford and the former chairman of the Sydney Roosters, resides in Sydney but has an appreciation for Queensland. Migrating to Australia in the 1950s, his family settled there and he attended Ipswich Grammar School and the University of Queensland, graduating with a Bachelor of Economics in 1965.
He recently paid to become one of only 10 foundation members to the Queensland Rugby League.
SEQ Hospitality Group is controlled by Politis, who is curating a south-east Queensland portfolio. This has included the Aspley Hotel, and recently joining with Kickon Group to sell the Plough Inn to Redcape for around $40 million.
SEQ is understood to have now paid $50 million for the famous footy hotel to the Farquhar family, who have held it for 28 years.
Significantly, The Caxton is only metres from the former Gambaro Hotel, owned for the past three years by the NRL, renamed the Beetson Hotel in honour of late legend banana-bender, Arthur Beetson.
OLGR’s register details contracts signed in the past few days, with final approval still pending.
Queensland’s regulator continues to be criticised for the protracted time – said to often surpass six months – taken to authorise the transfer of property and especially gaming licences. This is despite the new state government pledging to bring the process more in line with NSW, where contracts are regularly finalised within weeks.
