Drinx Group has relaunched its landmark Belvedere Hotel, following a portfolio shuffle and big-budget renovation.
Drinx and AT Hotels listed the Belvedere, along with other large footprint pubs the Grand Central and Full Moon, in February of last year.
The increasingly strong Queensland market saw plenty of suitors, bringing quick sales for the Grand and Full Moon. Strong offers on the Belvedere prompted Drinx to re-evaluate the potential for the business.
“We were going to sell, but did a review of the business and realised it was in a great area, in a growth corridor, with great potential,” Drinx group general manager Brad Jenkins told PubTIC.
“It always did a big food trade. At the time we went to do the renovation, it was doing 3500-4000 covers a week.”
The Group purchased the Belvedere in 2003, incorporating the steak house next door. It currently operates this and two large pub assets in NSW, Hills district stalwart The Fiddler, and the Camden Valley Inn.
South-east Queensland has been catching the investor bug brooding in Sydney and Melbourne, as prized operations such as the Acacia Ridge and Homestead Tavern attract buyers and investors unsatisfied due to lack of options further south.
The Belvedere, located in Woody Point on the Redcliffe Peninsula, is close to the new long-planned rail link bridging the area with the Brisbane CBD and enjoys “sweeping views” of the ocean.
Jenkins says the “foresight” of Drinx parent company, Lewis Land Group, saw the potential.
“We could have waited a bit longer, but think it’s best to keep moving with the market – adjust a bit as you go, to cater for local areas.
“Lewis understand the value of optimising property. We hadn’t spent money on it in 10 years and it needed an enhancement, and they could see the upside in capex.”
The recent $2 million renovation saw the two kitchens consolidated into one state-of-the-art facility, improving productivity and results. The soft launch yesterday will be backed up by further events, including a free family day on Sunday 6 November, celebrating the pub’s 115th birthday.
*The Belvedere enjoys the somewhat unique position of overlooking the Pacific Ocean – facing west – meaning a western sunset over the water every night.