Brisbane’s Red Lion Hotel set for rebrand and upgrade
Glenn Price of HTL Property, in conjunction with Tom Gleeson of JLL Hotels, is pleased to announce the sale of, The Red Lion Hotel in Moorooka, Queensland.
The 820sqm asset, just 9km from Brisbane CBD, recently underwent an extensive internal and external renovation which now comprises a large public bar, bistro, and 28 gaming entitlements.
The agents could not be drawn on the sale price but have indicated that The Red Lion Hotel was an eagerly awaited listing which garnered strong interest from both Sydney and Queensland publicans alike.
"NSW publicans continue to view QLD as an opportune hunting ground to expand their portfolios. With the compression of yields across both the Sydney and Coastal markets in NSW, Queensland is an attractive alternative. Not only are large corporate groups firmly focused on the state but independent operators looking to break into the market continue to run the ruler over available opportunities." HTL Property’s Director Glenn Price stated.
Offered for sale via a targeted Expression of Interest process, the asset exchanged to Publican Peter Braithwaite, previous owner of the Commercial Hotel in Lake Macquarie.
“I am looking forward to engaging with the local community through a hands on approach at the pub. The stability of the licencing and comparative value in pricing has always made Queensland a target, I am very excited for the opportunity the Red Lion provides.” commented Mr Brathwaite.
Peter suggested a rebranding of the pub is likely which will include a new menu into the hotel, to launch this week, and an immediate upgrade of the gaming room, “I have already ordered 20 new machines” Peter commented.
“The Red Lion’s evolution over the past 3 years has been impressive and now lays the opportunity for the purchasers to take the profitability and offering to the next level. In a market where suburban gaming venues are increasingly finite the Red Lion is in a wonderful position for further success "Commented Tom Gleeson of JLL.
HTL Property earlier this year sold The Rising Sun Hotel in Townsville, for over $20million, to Redcape who are shortly to list on the ASX. Mr Price suggested HTL Property has exchanged 5 properties to new entrants into QLD in 2018 with two of those deals to complete early in the New Year.
HTL Property, 7th December 2018
