The historic Spotted Cow in Toowoomba has been sold for the first time in more than two decades to Brisbane-based Hallmark Group.
Set on a commanding corner of main street Toowoomba, the two-storey Cow was built in 1892. Today it offers a public bar, food, functions, entertainment and 20 gaming machines.
The freehold going concern was purchased by Queensland hospitality faithfuls Mick and Dianne Coorey in 1996. After 23 years the couple put it to market early 2019 with hopes of fetching north of $5 million, but a suitable buyer did not emerge.
In the wake of the COVID-19 shutdown, the Cooreys determined now would be a good time to test the market again.
The Spotted Cow has now found new home with Hallmark, which already counts Queensland establishments Finn McCool’s in Brisbane and Finn McCool’s Surfers Paradise, as well as Asylum nightclub on the Gold Coast and Lefty’s Music Hall in Brisbane, reopened in March.
The transaction now through CBRE Hotels’ director Paul Fraser and Power Jeffery & Co partner Peter Power reportedly represents the first Queensland pub transaction negotiated and settled entirely during Australia’s lockdown period, and agents pose it highlights the appetite of astute buyers.
“This sale heralds the beginning of a new era of ongoing development for this Queensland institution, which for the past 24 years has been proudly owned and operated by the Coorey family,” says Power.
“Plans are in place with the new owners to present a new offering that will take the hotel to another level, in keeping with modern, up-to-date industry standards for on-premise hospitality and entertainment.”
Toowoomba is Australia’s most populous and one of the fastest-growing inland cities, known as the ‘capital of the Darling Downs’. It is a hub for surrounding farming and grazing industries, Surat Basin coal and extensive other mining operations, and slated for significant new projects.
Agents note the increasing emergence of ‘second-tier’ lenders in the past half-year, leading to increased competition in finance and purchasers enjoying greater options.
