Mick and Dianne Coorey have put to market their historic Spotted Cow Hotel as they eye greener pastures.
The Cow is an institution of Toowoomba, established as a hotel in 1892 on a commanding main street corner. The Cooreys have owned it for nearly a quarter-century, but feel the time has come to depart.
“After 23 years it’s time to retire,” offers Mick Coorey. “Dianne and I are ready to pass on our beloved pub to new owners.”
The family has engaged CBRE Hotels’ Paul Fraser and Power Jeffery & Co agents Peter Power and Andy Nason to market the Hotel. It enjoys diversified income streams through its bar, bistro, function space, entertainment and gaming area with 20 machines.
Known as the ‘capital of the Darling Downs’, Toowoomba is Australia’s most populous inland city and one of the fastest-growing. It is a hub for surrounding farming and grazing industries, Surat Basin coal and extensive other mining operations, and slated for significant new projects.
“Major development projects in the immediate proximity of the Hotel include the recently completed Super Bunnings Warehouse and the Defiance flour mill site directly opposite, which is set to be the showpiece of Toowoomba’s planned ‘Mills Precinct’, incorporating commercial, retail, residential and entertainment space,” offers Fraser. “We believe that these developments will substantial benefit The Spotted Cow.”
Co-agent Peter Power notes the business has been worked by the same hands for a long time.
“It provides an opportunity for an astute buyer to reposition a long-established pub with a proven trading history and take it to the next level.”
Agents would not be drawn on asking price, but sources indicate the sale is likely to fetch north of $5 million.
Freehold going concern of the Spotted Cow is being sold via Expressions of Interest, closing Wednesday 17 April.