Brisbane’s Red Lion Hotel sale paves way for another refurb
Veteran publican Peter Braithwaite has snapped up Brisbane’s Red Lion Hotel for just shy of $7 million, and is planning to upgrade the long popular southside establishment.
The 820sqm pub, in Moorooka 9km south of the Brisbane CBD, recently underwent an extensive internal and external renovation and now comprises a large public bar, bistro, and 28 gaming entitlements. But Braithwaite, who recently sold the Commercial Hotel at Lake Macquarie in NSW, plans even more of a spruce-up.
Queensland publican Simon Thompson, who also owns pubs in Bundaberg and Toowoomba, sold the Mooraka property to open a small bar in Brisbane’s bustling Fortitude Valley.
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Glenn Price of HTL Property and Tom Gleeson of JLL Hotels negotiated The Red Lion Hotel deal. They say the pub drew strong interest from Sydney and Brisbane publicans.
“NSW publicans continue to view Queensland 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,” Price says.
Meanwhile, Braithwaite says in a statement the stability of the licensing and comparative value in pricing has always made Queensland a target.
This article originally appeared on www.theaustralian.com.au/property.
