Prominent publican Tony Prentice is cashing up in pursuit of a slower race, listing five thriving south-east Queensland freehold operations with a total of 119 EGMs.
Headed to market individually in one line, the Prentice portfolio on offer consists of three Brisbane pubs – Haigslea’s Sundowner Hotel, the Walloon Hotel, and Goodna’s Weeroona Hotel Motel – as well as Gatton’s Commercial Hotel, around 90 km west of the city, and Warwick’s famous, supposedly haunted Criterion Hotel, around 160 km south-west of the capital.
Having enjoyed a career in hospitality, and purchasing his first property in 1996, Prentice says it’s time to pass the baton while he still can.
“I have found out, as they say, time waits for no man and they don’t put pockets in shrouds, so there is a need for me to slow down and run a slower race,” he jokes.
“I love the industry, however I have had my time and I would like to see some new enthusiastic buyer or group reap the benefit of some new ideas for the hotels.”
While all five pubs occupy generous blocks, two are more than a hectare, and several enjoy adjacent vacant blocks of land or freestanding buildings or houses.
The group reports strong retail bottleshop sales, under the Liquor Barons banner, with a number of satellite outlets as per Queensland’s liquor laws, and opportunity for further development.
Three of the five hold 35 EGMs each, while the Sundowner holds 14 and the Commercial none. Presenting a rare opportunity to acquire so many machines in one transaction, the gaming operations are somewhat under-developed and offer immediate upside.
“We have only in the past month embraced the new gaming technology and replaced some old machines, and it has reaped rewards very quickly, in a matter of weeks,” added Prentice. “Any publican that really understands gaming will see this straight away.
“The balance land at Haigslea, Walloon and Goodna are open to lots of different development ides subject to council approval.”
Prentice has appointed agents and valuers Power Jeffrey & Co to market the portfolio, expected to fetch a total over $26 million. The agents suggest it is the first time a collection of such freehold going concerns has come to market in eight years.
“The hotels are all close to Brisbane, and whilst well-managed to date they are ripe for new invigoration with attention to new gaming offerings and on-premise activities,” suggests Power Jeffrey director Andy Nason.
“Given early indications of domestic economic improvement coupled with low interest rates, we believe this hotel portfolio will provide further stimulus for a new and exciting phase for the Qld hotel industry.”
The five pubs will be sold via an Expressions of Interest campaign, closing Thursday, 6 July.
Hotel offerings:
Sundowner Hotel, Haigslea
Bars, Bottle Shop/Drive Thru, Bistro, TAB
12,400 m²
14 EGMs
Walloon Hotel, Walloon
Bars, Beer Garden, Bottle Shop, Bistro, TAB
2,076 m²
35 EGMs
Adjoining house (1,353 m²), vacant land adjoining Hotel (4,047 m²)
Weeroona Hotel Motel, Goodna
Bar, Liquor Barn, Drive In, Motel, Bistro, 2 x Detached Bottle Shops
11,900 m²
35 EGMs
Adjoining house
Commercial Hotel, Gatton
Bars, Beer Garden, KENO
1,401 m²
Criterion Hotel, Warwick
Bars, Beer Garden, Accommodation, Bistro, 2 x Detached Bottle Shops (one freehold)
1,849 m²
35 EGMs
Also for sale: freehold commercial building on 1,103 m² with two retail tenancies, plus vacant block (1,012 m²) and adjoining house (1,012 m²)