Recognising the industry is back up and running, the new Malouf partnership has cemented the deal on their first Queensland operation in John Murphy and John Cornish’s Shearer’s Arms Hotel.
The newly-formed North South Pub Co (NSPC) is Matthew Coorey and Richard Malouf, in partnership with Ed and Justin Malouf of Royal Hotels fame in Sydney.
The incoming operators literally signed for the deal in November 2019, beginning Queensland’s famously exhaustive process of transfer. It subsequently came due to settle just after the forced industry closure in late March.
“It is a fantastic Hotel,” offers Ed Malouf. “We had been searching the Queensland market for some years and saw the opportunity The Shearer’s offered, particularly considering the partnership that we have formed with Matt and Richie, who are renowned as some of the best in the business.”
As the industry went into lockdown, NSPC and the outgoing owners took the agents’ recommendation to delay the settlement for up to 12 months.
But seeing the industry come back to life in recent weeks was catalyst enough for the new owners to decide to put an end to the postponement.
“Thanks particularly must go to the cooperation of the vendors, John and John during the COVID-19 shutdown and reopening,” notes Coorey.
“Their patience and understanding through what has been one of the most difficult times in history for the pub sector enabled a mutually commercial position for both parties, and which has culminated in an amicable handover of the hotel.”
NSPC will reportedly make some subtle changes throughout, with an eye to sustaining its family-friendly persona.
The transaction and postponed settlement were managed by HTL Property’s Glenn Price and Brent McCarthy along with agent Ron Currey, on behalf of Murphy and Cornish in South Australia.
“With both men living in Adelaide, they wanted to ensure that there was no disruption to the business, which had run under full management,” explained Currey.
After what was a notably complex deal, NSPC say they benefitted from the commitment of the agents.
“From the outset of the transaction through to the final stock take and settlement, there was nothing that Glenn and Brent weren’t across,” added Coorey.
“Their old-fashioned personal service first approach is refreshing, and made the transaction seamless despite the hurdles that COVID-19 threw in the way.”
