Queensland’s Meadowbrook Hotel Sold
One of south east Queensland’s most notable pubs, the Meadowbrook Hotel in Logan, owned by Pelathon Management Group, has been sold to Gallagher Hotels for $6 million.
Gallagher Hotels already owns several assets across NSW including PJ Gallagher’s Irish Pubs and Mr G’s, but the Meadowbrook Hotel is its first foray into Queensland.
Located on a 5,934sqm site on the corner of Loganlea Road and Logandowns Drive, the venue’s income is generated variously from bars, an alfresco dining restaurant, accommodation, 40 gaming machines and a drive-through bottle shop.
CBRE Hotels Director Paul Fraser, who handled the sale for Pelathon Management Group said:
“Meadowbrook Hotel is situated in a renowned high gaming corridor between Brisbane and the Gold Coast. It is prominently located in Meadowbrook’s commercial centre, with trade underpinned by infrastructure such as Logan Hospital, the Logan campus for Griffith University, Meadowbrook Plaza and a new Woolworths anchored shopping centre. This played a significant part in the high level of interest we received on this asset.”
“This is a prime example of a high-profile Sydney publican looking at opportunities north of the border, where capitalisation rates are substantially softer than their counterparts in NSW,” Mr Fraser added.