Property investment specialist AsheMorgan has listed the popular Darling & Co in Brisbane’s trendy Paddington precinct, as it exits pubs in the capital.
AsheMorgan is a real estate investment and advisory group founded in 1987 that seeks rewarding opportunities to grow its direct investment and funds management business.
It has in the past backed numerous hotel assets, including a portfolio of six regional Queensland pubs, and its recently divested Fox Hotel, but now seeks to focus on other business interests.
Darling & Co is a thriving city pub, located across from Brisbane’s famed Suncorp Stadium, which sees over 50 events annually.
The pub occupies 2,050sqm, incorporating a main bar, restaurant, multiple function spaces facing bustling Given Terrace, and an exclusive underground carpark.
Lease on the business is until 2026, with a further two 10-year options and annual rental reviews in line with CPI.
AsheMorgan has commissioned JLL Hotels’ associate Tom Gleeson and national director John Musca to market the leasehold business, tipped to fetch in the region of $5 million.
“Darling & Co is advantageously positioned in a major entertainment hub of Brisbane and has been the benefactor of significant revenue growth on the back of its recent repositioning,” notes Gleeson.
“Combine this with the lease term being in its infancy and low rent-to-revenue ratio, it provides a truly outstanding platform for an incoming operator.”
Darling & Co is for sale by Expressions of Interest, closing Thursday 2 November.
