The Singleton family are calling time after more than three decades, putting up their celebrated Pineapple Hotel – expected to break sales records.
The heritage-listed Pineapple is one of Brisbane’s oldest pubs, established in 1864 in a wooden house and named in honour of the many pineapple plantations in the area.
In 1887 a two-storey building was built on the site in the Victorian Filigree style, and remains today.
The large-format hotel occupies a generous 2,947sqm lot and features several bars, steakhouse restaurant, modern glass-covered beer garden, function rooms, and both onsite and detached bottle shops, providing a well-balanced mix of trade.
It is a Top200 Queensland gaming venue, holding 36 gaming authorities – current market value of circa $10 million – and ability to increase to 45 machines.
The site also holds extensive redevelopment opportunity, suitable for alternative uses including residential, short-term accommodation and build to rent developments.
As a business The Pineapple holds a strong brand presence, said to be synonymous with Brisbane and the Gabba Stadium. The Gabba is undergoing a $1bn redevelopment in preparation for the Olympics.
Strategically positioned as a centrepiece for the Brisbane Olympics, the pub occupies a front row seat on Brisbane’s $45bn infrastructure boom, incorporating the Brisbane Live precinct, Queens Wharf, Victoria Park, the Metro, Waterfront Precinct, and the Kangaroo Point Pedestrian Bridge – all destined to stimulate the local economy.
The Singletons have owned the hotel for 32 years and are offering it to market as either a leasehold or freehold going concern.
Pundits suggest sale of the premier asset could surpass that of the Stock Exchange Hotel for $35 million in 2013, to Australian Pub Fund.
A sales process is being driven by CBRE Hotels’ Paul Fraser, who says it is “one of the last independently owned ‘A-Grade’ hotels in Brisbane”.
The freehold going concern of the Pineapple Hotel is being sold via Expressions of Interest, closing Thursday, 30 June.
What a great pub in a perfect spot. With the Olympics coming to Brisbane it’s going to get really busy. Be a shame to lose part of our heritage.