Jaz Mooney has listed Brisbane landmark The Normanby Hotel, offering either the freehold going concern or leasehold on the Sunshine State icon.
Built in 1890 on Red Hill, the multi-level Normanby is one of the city’s oldest and most beloved pubs. In 1992 it was added to the Heritage Register.
For years its boisterous ‘Sunday Sessions’ were legendary, highlighted by an incident where rugby league legend Alfie Langer was caught on camera dancing on a table in his underwear.
Mooney bought the somewhat well-worn operation in April 2019, with the option to buy the freehold and plans to revive the legend.
“She was an old iconic beauty that has fallen down the pegging. It’s now my duty to put her back to her former glory, so that’s what I’ll do,” he said at the time.
The following months saw a substantial $4 million refurbishment, modernised the classic pub while retaining its key heritage features. It reopened in September.
The revised Normanby boasts in-built versatility around functions and events, designed for levels to open or close easily as demand dictates.
Occupying a substantial 4,162sqm site, it provides multiple bars, restaurants, gaming room with 24 machines but a total of 35 EGM authorities, beer garden, and functions areas.
The large block also holds long-term development prospects, via uses such as short-term accommodation or retail offerings.
It is situated just 200 metres from the $2bn Brisbane Live development, which will comprise an 18,000-seat arena above the new $5.4bn Roma Street Cross River Rail station, directly across the road from the pub, and proximate to the Victoria Park Redevelopment.
Further Brisbane developments include the $3.6bn Queens Wharf project and $1.24bn Brisbane Metro.
It’s estimated the Red Hill precinct will deliver $2.5bn in gross regional product over coming decades, and stimulate economic and infrastructural development in the surrounding area.
Mooney’s Middle Head Ventures has engaged CBRE Hotels’ Paul Fraser to market the asset, who suggests “very limited” need for immediate capital expenditure.
“With this city’s changing infrastructure due to come online and the Brisbane Olympic Games right around the corner, The Normanby Hotel is in a prime position to prosper over the next decade and beyond,” says Fraser.
The Hotel is underpinned by significant underlying value, through its south-east Queensland gaming authorities, worth around $7m in the current market, and its large site area, less than two kilometres from the CBD.
“This, combined with the property’s future redevelopment potential, means it will be highly sought after by a wide range of investment groups,” adds Fraser.
The freehold going concern or lease of the Normanby Hotel will be sold via Expressions of Interest, closing Thursday, 7 April.
