Pat Gallagher and friends have listed their large-format Meadowbrook Hotel, presenting a rare gaming operation in the heart of the Sunshine State’s south-east.
The pub was built in the late 90s on a 5,934sqm site in Meadowbrook, in Logan City, adjacent to the Woolworths-anchored Meadowbrook Shopping Centre, proximate to Griffith University and Logan City Hospital, and roughly central to both Brisbane and the Gold Coast.
It sports an efficient layout, offering sports bar, bistro, gaming room with 40 EGMs, beer garden, 20 motel accommodation rooms, and a drive-through bottleshop.
Logan City has been experiencing some of the State’s highest population growth and the Hotel is well-positioned to benefit from the wider demand drivers, largely coming from public and private infrastructure investment in the area, benefitting from a catchment mix of retail, commercial, medical, industrial and residential premises.
Gallagher Hotels undertook a multi-million-dollar renovation over the past 18 months, reporting profitability uplift across all departments. It holds further potential in approval for 45 gaming machines, and that it is currently operating only one of its three permissible detached bottleshops.
Gallagher led a syndicate of investors into the business in 2018, buying the rare 39-year leasehold for $6 million from Jaz Mooney, who had held it since 2015.
The pub represented the Sydney-based hotelier’s first operation in Queensland, and he says he’s now looking to future fresh opportunities, offering up the lease, with final expiry in 2056.
“The Meadowbrook represents this particular syndicate’s first foray into the Queensland pub market and it has been a rewarding one. Like most syndicates, the time has come to crystallise the cash flow and move to other individual opportunities,” he explains.
Queensland continues to be a hot spot for hospitality investment, further driven by the infrequency of the opportunities.
“The Meadowbrook Tavern represents the first public campaign of a leasehold Top-20 gaming venue in nearly 10 years, highlighting how incredibly finite Top-20 gaming venues are within the south-east Queensland market,” stresses Tom Gleeson of JLL Hotels, marketing the pub with colleague John Musca.
The leasehold of the Meadowbank Hotel is being sold via Expressions of Interest, closing on Thursday, 27 October.
