South-east Queensland cornerstone Joe’s Waterhole in Eumundi has hit the market running, with sale expectations of $5.5 million.
Built in the 1890s and originally named the Commercial Hotel, in 1924 a fire swept through town and the pub was rebuilt in 1926.
Local legend, boxer, farmer and practical joker Joe Whiting took over in 1962, having done a swap on his Maroochydore sugarcane farm for the hotel. In time it became known as Joe’s Waterhole, and officially took the new moniker in 1987.
Whiting perpetuated the mantra at his Waterhole of “Free Beer Tomorrow”. He and his wife Lucy ran the pub for 20 years until a tragic accident left him a quadriplegic. Their son Ray took over in 1982 and ran it until the family sold it by auction.
In 2005 Brett Lewis bought Joe’s eponymous pub, ending over four decades of Whiting history and bringing in his own family to maintain the tradition.
Occupying a lot of more than 3,000sqm, the hotel provides a public bar and pool room, commercial kitchen and bistro, gaming operation with 15 machines, and beer garden, with plenty of parking.
There are also five pub-style accommodation rooms and a two-bedroom manager’s suite.
The bistro and beer garden have seen recent overhauls, and the kitchen is reportedly leased out to “good operators”.
Across the various departments, Joe’s reports average weekly revenue of $40k – plus gaming, which turns over more than $3.5m annually. The figures put price expectation at $5.5 million.
Eumundi is around 120 kilometres north of Brisbane and the Eumundi-Yandina LGA counts a local population of over 10,500.
After 16 years, Lewis says he’s ready to retire and has plans to travel as restrictions allow.
The freehold and business of Joe’s Waterhole is being marketed through Damian Monahan and Shane Mullins of OffMarket Hotels.
