Refreshed from the addition of two SEQ pubs and a retail chain, SEQ Hospitality has re-listed the freeholds of its newly acquired Plough Inn Brisbane and Court House Hotel in Murwillumbah.
Mere days after Charter Hall and Hostplus finally secured a takeover of HPI, SEQ Hospitality announced it had also made good on its pursuit of listed publican landlord Eumundi Group.
SEQ Hospitality, headed by Sydney Roosters chairman and rich-lister Nick Politis, agreed to pay shareholders cash consideration of $1.62 per Eumundi share. The portfolio purchase saw the group pick up the freehold going concern of the Ashmore Tavern and Aspley Central Tavern in north Brisbane, as well as the Quench chain of liquor stores.
The deal also included the freeholds of Aspley Shopping Centre, Aspley Arcade Shopping Village, and both the Plough Inn in South Bank and the Court House in Murwillumbah.
The Plough Inn is an historic pub in South Bank Parklands, established in 1864. The heritage-listed venue resides on a 984sqm corner, as part of Stanley Street Plaza.
Recently refurbished, it offers a sports bar, bistro, beer garden and four function areas, with impressive city views. South Bank is one of Australia’s most visited precincts, attracting approximately 14 million visitors annually.
On offer is the Ground (head) lease, scheduled for 89 years.
The operation is currently held by Kickon Group, which counts properties in Victoria and NSW, but mostly Queensland. This is a triple-net lease, until 2032, plus four 10-year options, generating $1.2 million rental income annually.
The Court House Hotel is an iconic pub in the heart of Murwillumbah, central to the region’s commercial district.
It is the oldest pub in town, serving locals and visitors for 125 years. Located on a 898sqm lot, it provides a main bar, with TAB and Keno, gaming with 21 machines, beer garden and alfresco dining area, 12 accommodation rooms and a manager’s residence, plus an onsite bottleshop. There is also an art gallery, which is sub-leased.
Operating the Court House is Athena Hospitality, which also runs the Central Tavern in Caloundra West, and the Victory Hotel in Brisbane.
Athena is on a triple-net lease until 2036, with four 10-year options, paying annual rent of $410K with fixed three per cent increases.
Both assets represent strong investment opportunities, underpinned by secure, long-term leases.
“The Plough Inn represents an exceptional opportunity to secure a long-term investment in one of Brisbane’s most dynamic entertainment hubs,” notes Joseph Ganim, of Savills Australia, managing the campaigns.
“The Court House Hotel is an impressive country venue with a reliable revenue base, making it an attractive investment for those seeking a quality regional hospitality asset,” furthers Savills’ Leon Alaban.
The freeholds of the Plough Inn and Court House are being offered via Expressions of Interest, closing Thursday, 1 May.
