Fortitude Valley’s famed Alfred & Constance has been sold off through receivers to up-and-coming Brisbane-based outfit RMS group.
Alfred & Constance is within two retro-fitted ‘Queenslander’-style buildings, covering 473sqm. It incorporates a gastro-pub, beer garden, café, restaurant and Fever nightclub.
Formerly part of the portfolio of well-known hospitality entrepreneur Damian Griffiths, it came to market earlier this year after creditors foreclosed on assets, including the adjacent boutique accommodation business Limes Hotel.
Following the recent successful sale of Limes Hotel, CBRE Hotels has announced its subsequent sale of A&C to RMS Group, through agents Paul Fraser, Hayley Manvell and Wayne Bunz.
“The investment fundamentals for a high-profile corner site in a metropolitan city are highly sought after,” says Fraser. “As such, the sales campaign attracted a huge number of enquiries from a range of national food and beverage operators, funds and investors.”
RMS Group emerged the successful bidders from the EOI campaign, with industry sources reporting a sale price between three and four million.
Having negotiated Queensland’s exhaustive licence transfer system, RMS will begin operations in time for the lead-up to silly season. The Valley institution represents the Group’s first real pub, expanding upon their bar-restaurant and café premises in Brisbane, Isles Lane, Hellcat Maggy, Harvest, Cuckoo and Esca, and Rush Coffee.
“We are very excited to welcome Alfred & Constance into the RMS family and look forward to creating a new hub of social activity within the iconic space,” says RMS managing director Donna Di Santo.
“Our team is working hard behind the scenes while we get to know the locals and the venue over the coming months. We then hope to restore the pub to its former glory with a planned renovation set to occur in the second half of 2019.”