ALE Property Group is selling Toowong’s Royal Exchange Hotel.
The c1886 venue at 10 High Street was once licensed to Jim Cavill – who went on to play a major part establishing the Gold Coast as a community.
Later extended, it includes multiple bars, a beer garden and gaming lounge with 40 electronic gambling machines.
The 2453 square metre site also contains a BWS and 27 car parks.
ALE is offering the property with a leaseback – initially to 2028, but with options, potentially until 2068.
The starting annual income will be $562,715 ex-GST.
The sale price is expected to circle $11.5m.
Burgess Rawson’s Michael Gilbert, Glenn Conridge and Jamie Perlinger with HTL Property’s Glenn Price and Brent McCarthy will auction it next month (story continues below).
Toowong is about five kilometres south west of Brisbane.
String of sales
The Toowong offering comes three weeks since ALE listed the Tudor Inn at Melbourne’s Cheltenham.
In June, the operator sold a pub near to there – the Boundary Hotel, at East Bentleigh – for $33m.
Earlier this year the group also offloaded a regional Victorian facility – the Morwell Hotel or Top Pub – for $3.06m.
ALE also recently divested three Queensland venues – two in Brisbane (the Edinburgh Hotel for $7.5m and Kedron Park Hotel for $4.5m), and on the Sunshine Coast’s Caloundra, the Pelican Waters Tavern ($10.8m).
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