Australian Venue Co continues its lavish Investment into south-east Queensland, with more acquisitions and two more of two dozen planned renovations underway.
The corporate allegiance between Australian Venue Co (AVC) and ASX-listed HPI is representative of the State’s consolidated place in the national marketplace.
This week the pair have finalised settlement on two pubs in Roma, the Commonwealth Hotel and the White Bull Tavern, marking another instance of AVC taking the lease while HPI chocks up the freehold.
The Commonwealth Hotel is a classic Queenslander, for Queenslanders, on main drag Wyndham Street. It boasts a sports bar with 25 TVs and jukebox, restaurant Bistro 75, gaming, accommodation, and an extensive beer garden.
Just two blocks away, the White Bull Tavern is opposite the railway station, offering family-friendly dining in Cantina 43, Wednesday night pool competitions, function room for 100-pax and gaming.
AVC reports it is planning no major changes for either pub and will retain the popular weekly promotions at both.
“We are proud to be taking over such fantastic pubs in the town of Roma, which is the main hub for the surrounding country areas, and we are looking forward to working with the local teams,” said Australian Venue Co CEO, Paul Waterson.
Sources close to the deal suggest the partnership paid in excess of $20 million for the Roma duo.
For the past decade they have been the work of Ben and George Cannon, with their father Brian, who owned the two freeholds with a syndicate of shareholders.
The family has laboured to build the businesses and is now reaping the benefits. They engaged HTL Property to manage the sale process, and Ben Cannon relayed he was kept well-informed throughout the process, right up to settlement.
Long-serving regional publicans considering retirement, such as the Cannons, are said to be eagerly viewing the current economic drivers and market sentiment.
“They created two venues that from their focal point are the ‘heart’ of the local community, and in handing the baton to AVC ensure the legacy of what they leave will be continued into the future,” suggested HTL’s Brent McCarthy, who managed the deal with colleague Glenn Price.
These continue a run of AVC acquisitions in Queensland in the past year, recently including the Surfair Beach in Marcoola, on the Sunshine Coast, and further north, in Airlie Beach, the family-focused Jubilee Tavern, offering a bar and bistro, outdoor dining area, kids’ playground, sports bar, TAB facilities and gaming room.
The confidence of the acquisitions is further demonstrated by the 24 renovations in planning at the group’s more than 80 pubs in Queensland.
The latest projects will focus on the Crown Hotel in the Brisbane suburb of Lutwyche, and the Beenleigh Tavern in Logan’s Beenleigh. These follow major renovations this financial year at Bonny View Hotel in Bald Hills, Wallaby Hotel in Mudgeeraba, Fitzy’s in Loganholme and King’s Beach Tavern on the Sunshine Coast.
Established 1881, the heritage Crown Hotel is going through a $2.4m rejuvenation, preserving its character while revitalising the interiors for a modern, community drinking and dining experience. This will reportedly bring a new bistro, flowing onto a “showstopping” new beer garden with tiered deck and “heritage pavilion” with seating for 140 patrons.
Logan’s Beenleigh Tavern has a proud history with live music, and its $1.45 million renovation brings a new look sports bar and heralds a return to the entertainment, preparing the pub to become the go-to destination in the area for live music. It will push family dining, serving up hearty meals and “no-fuss” drinks, with a kids’ menu and play area.
The Beenleigh Tavern is expected to re-open during winter, while the Crown is expected to re-open in spring.
“We know the SEQ market is growing, as is the whole of Queensland, and we will continue to invest in the Sunshine State,” stated AVC COO Craig Ellison.
