Bruce Mathieson Jr continues his own portfolio build, snagging the potential-laden Woolloongabba Hotel in Brisbane’s Olympics hot spot.
The Woolloongabba has resided on its prominent corner site since 1868, now incorporated as a tenancy in the prime location of 803 Stanley Street in the Gabba Central centre, packed with specialty tenants and anchored by a Coles, around two kilometres south-east of the CBD.
The Hotel offers public bar, dining area, gaming room with 11 EGMs, and an on-site bottleshop. The business also operates three detached bottleshops.
Brisbane is rapidly gearing up to host the 2032 Olympic and Paralympic Games. The iconic Woolloongabba cricket stadium – ‘The Gabba’, a stone’s throw from the pub – is set to see a $1 billion redevelopment to serve as the main stadium for the Games.
Sources have revealed the Gabba pub leasehold interest has been acquired by Bruce Mathieson Jr, who resides on the Gold Coast.
Mathieson Jr relinquished his role as managing director for Endeavour Group (ASX:EDG) and took over his father’s position on the EDG board following Sr’s resignation earlier this year.
Also this year, in March the younger Mathieson was revealed as buyer of the freehold going concern of Woolloongabba’s famous RedBrick Hotel.
He takes on the Woolloongabba Hotel for an undisclosed price from a private consortium, which had held it for 11 years and engaged Savills for an off-market sale.
“Gabba Central is well known for being close to the action of Gabba Stadium and a convenient shopping hub catering to locals and workers in the area,” notes agent for the deal, Leon Alaban.
Focus on the precinct for the Games is projected to see Woolloongabba transform into “the hub of Brisbane” and usher an explosion of patronage before, during and after the Olympics.
“This purchase is a strategic acquisition for the buyer, considering the vast amount of infrastructure projects in Woolloongabba’s pipeline,” adds Alaban.
