Fortitude Valley’s former post office building – the handsome GPO Hotel – comes to market boasting a long lease and favourable terms, and a prized pedigree.
The GPO is central to Brisbane’s nightlife entertainment precinct, Fortitude Valley, around 1.5 kilometres from the CBD and surrounded by retail developments.
The Hotel for the past eight years has been under the control of Trent Meade and Matt Blyth, of Revelry Entertainment. It was the pair’s first hospitality venue and they successfully traded just two nights a week, as a nightclub, although it holds a commercial hotel licence.
Meade and Blyth’s other entity, Celissa – a nod to hard-suffering wives Cecilie and Melissa – went on to purchase The Met, in 2013. In 2018 they launched two more venues, being Isles Lane on Post Office Square and Beirne Lane in the Valley’s Brunswick Street Mall.
The lease at the GPO is coming to an end, and on offer is a 40-year lease (4 x 10 years), with favourable terms, and vendor contributions and incentives.
The property is owned by the highly regarded Schiavello family, which purchased the GPO in 2016 from the pre-exiting Lantern for $5.25 million.
Fortitude Valley continues to change with the times, and the GPO represents a virtual ‘blank canvas’ as a pub.
HTL Property’s Queensland director Glenn Price has been engaged to market the asset opportunity, on an entry-level price point.
“The landlord has confirmed he is prepared to contribute to some of the cap-ex works, to assist an incoming operator,” offers Price.
“The business generates strong cash flows in its current format, providing a great platform to build upon. The opportunity is expected to appeal to incoming operators, who may look to reposition the business into a 7-day-a-week multi-faceted pub.”
The leasehold interest of the GPO Hotel is for sale via Expressions of Interest, closing Wednesday 5 June.