New buyer of Moorooka hotel named
The Red Lion Hotel in Moorooka, QLD sells to publican Peter Braithwaite
The Red Lion Hotel in Moorooka, Queensland, 9km from Brisbane CBD, has been bought by publican Peter Braithwaite, previous owner of the Commercial Hotel in Lake Macquarie and previously general manager of The Crown Hotel in Sydney.
The price paid was not immediately available.
“I am looking forward to engaging with the local community through a hands-on approach at the pub,” said Braithwaite. “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.”
The 820sqm property recently underwent an extensive internal and external renovation, which now comprises a large public bar, bistro and 28 gaming entitlements.
Braithwaite suggested a rebranding of the pub is likely, which will include a new menu launching this week and an immediate upgrade of the gaming room, “I have already ordered 20 new machines,” Braithwaite said.
The sale was handled by Glenn Price of HTL Property with Tom Gleeson of JLL Hotels.
“NSW publicans continue to view QLD as an opportune hunting ground to expand their portfolios,” said Price. “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.”
“In a market where suburban gaming venues are increasingly finite, the Red Lion is in a wonderful position for further success,” said Tom Gleeson of JLL.
HTL Property earlier this year sold The Rising Sun Hotel in Townsville, for over $20million, to Redcape. Price confirmed HTL Property has exchanged five properties to new entrants into QLD in 2018 with two of those deals to complete early in the New Year.