One of Brisbane’s oldest and most iconic pubs has sold for the first time in 95 years to Colin Macleod’s expanding Oz Pub Group.
The Boundary Hotel has stood on the corner of Boundary Rd and Jane St in Brisbane’s West End since 1864 on an ample 1,924sqm block.
The lare-format two-storey brick pub offers a public bar, open plan bistro with bar and gaming room with 13 EGMs, upstairs an extensive beer garden and multiple function spaces, plus a retail bottle shop and two adjoining residential lots.
The same family has owned the property since 1922. They determined to list the freehold going concern earlier this year in light of Queensland’s booming south-east market.
The EOI campaign yielded widespread interest, with the local and growing Oz Pub Group (OPG) winning bidding at a price believed to be approaching $12 million.
The sales process was managed by JLL Hotels Tom Gleeson, who recently orchestrated the sale of the similarly priced Plough Inn to the newly formed Open Arms Hospitality Group. Gleeson would not confirm the price on the Boundary, but describes MacLeod as a “highly regarded and established” Queensland hotelier.
“With ownership dating back to 1922, the campaign naturally generated significant interest from a variety of buyer profiles, all with an appreciation of the scarcity of this asset type,” said Gleeson.
“The Boundary Hotel provides a large-format venue with strong underlying fundamentals, in arguably Brisbane’s most tightly held market. [It} represents an outstanding opportunity for a quality operator to deliver a truly special offering in West End, an area which continues to hold significant appeal to the astute investor.”
OPG now holds the keys to four pubs, including the Aspley Hotel and Shafston Hotel in East Brisbane.