Acacia Ridge up for sale
The Acacia Ridge Hotel in Brisbane, the largest pub in Queensland, is on the auction block.
Sydney hotelier Peter Calligeros and business partner Stephen Farley have put the freehold hotel, sitting on an 18,450 square metres and surrounded by the expanding residential suburbs of Sunny Bank, Sunny Bank Hills and the $600 million development of Cooper Plains, up for sale.
The owners are looking to make a tidy profit on the sale. The bought the hotel for $16 million in 2014.
What they did then was upgrade the existing gaming machines and add some new ones, creating a 45 electronic gaming machine venue.
The pub’s accommodation was also refurbished.
Apart from gaming, the hotel also makes its money from a large format drive-through bottle shop, multiple bars and conference facilities, a 34-room accommodation centre and a 230-space car park.
The result: a big jump in revenue, turning the venue into a top 10 gaming hotel in Queensland.
It’s the first time a Queensland hotel of that ranking has been put up for sale.
Not surprisingly, the vendors are looking to double their money. The asking price is $30 million.
Ray White Group's Andrew Jolliffe, with CBRE's Glenn Price, have been given the job of selling the property. Significantly, they know the pub well. They sold the Acacia Ridge Hotel to Calligeros two years ago.
"We've seen the depth of the market tested several times this year in gateway cities across the Australian East Coast, and the almost invariable result has been that high quality assets which enjoy a confluence of both scale and opportunity remain compelling and commensurately sought after by well-informed capital," Mr Jolliffe told The Shout.
“The critical land size upon which the Acacia Ridge Hotel is located, a proportion of which is supplementary to the current hotel operation needs, provides an astute investor with ancillary mixed use, or conversely wholesale alternative use opportunities."
by Leon Gettler, 6th October 2016
