Samdoo Corporation has been revealed as the purchaser of the unique and historic Madison Tower Mill Hotel on the edge of the Olympics-fever Brisbane CBD.
The landmark circular hotel opened in 1966 opposite the oldest surviving building in the city, the Old Windmill, built in 1828. It is located close to Brisbane’s Golden Triangle and Suncorp Stadium, and today finds itself proximate to vital sites for the upcoming 2032 Olympics.
The nine-storey structure features a sports bar at street level, with 14 gaming machines, beneath a recently refurbished 70-key hotel, offering immediate operational upside.
A highlight of the property is its underutilised rooftop level, boasting sweeping views of the city skyline, which has scope for repositioning as a premium restaurant and bar or conference and events space.
At its opening, this space offered one of the first rooftop restaurants in Brisbane.
Further opportunities have been identified, such as improving the sports bar’s performance through clearer delineation between the bar and gaming area.
Beyond its heritage neighbour, the Madison Tower counts another link to the area’s history, stemming from it hosting the Springbok Rugby team in 1971. Anti-apartheid sentiment triggered large protests that forced authorities to declare a state of emergency.
The new proprietor is Samdoo Corporation, privately owned by experienced hoteliers the Kim family, originally from South Korea.
They have paid $28.6 million for the new asset, joining the portfolio alongside two Diana-branded hotels, in South Brisbane and Woolloongabba.
The impending 2032 Olympics are driving fierce competition for assets in the host city amongst local, interstate and offshore buyers, prompting vendor Madison Hotel Group to send the hotel to market in February.
Accommodation assets holding gaming entitlements are very tightly held and an on-market campaign reportedly drew over 175 inquiries and nine formal offers to purchase, said to have come from investors, offshore groups and several of Australia’s most prominent pub operators.
The sale was managed by HTL Property’s Andrew Jackson, Nic Simarro and Glenn Price, who relay appeal lay in its combination of established revenue and the opportunity to add value through improved operations.
“The purchaser is a private buyer and experienced hotelier who recognises the strength of the asset’s location, existing accommodation offering and future upside within one of Australia’s fastest-growing markets,” said Jackson.
