A large-format hotel freehold on Melbourne’s outskirts has sold for $8 million.

Offered as an investment, the result for the Central Hotel at Beaconsfield reflects a 3.31 per cent yield.

The incoming owner, experienced operator, Blueswan Australia, will expand the business’ offering; the property contains about 820 square metres.

An extension is also expected.

The site, 1 Old Princes Highway, spreads c5797 sqm.

Historic pub changes hands

Established in 1855 as the Gippsland Hotel before operating as the Bowmans Inn, the venue, nowadays also known as ‘The Cench’ includes a bar, bistro, beer garden and entertainment facilities.

The property has a long association with the township, including hosting Prince Alfred, the Duke of Edinburgh, in 1869.

“The sale…is another strong indicator for the pub sector in Victoria, with confidence continuing to rise off the back of very strong state fundamentals, namely population growth and dwelling approvals across growth corridors,” Stonebridge Property Group marketing agent, Nic Hage, said.

“Whilst the yield of 3.31pc is sharp, the asset was sold to an operator with plans to expand the offering and capitalise on the surplus land,” he added.

Rorey James and Kevin Tong were co-agents (continues below).

This pocket of Beaconsfield is about 44 kilometres south east of Melbourne’s CBD.

Redcape buys another historic pub

Separately, Redcape Hospitality has expanded its Sydney CBD exposure, acquiring the leasehold interest in the Arthouse Hotel for a speculated $7 million.

The venue, within The Galeries retail precinct on Pitt Street, had been operated by the McBeath family for 26 years.

Trading with a 24-hour liquor licence, with 21 gaming machine entitlements, annual revenue was put at c$8m.

The acquisition gives Redcape control of one of the larger hospitality footprints in Sydney’s Midtown precinct, a pocket benefiting from recent office development and transport infrastructure investment including the Gadigal Metro station.

HTL Property’s Dan Dragicevich and Sam Handy were the agents.

Redcape has also recently bought Woolloomooloo’s Frisco Hotel and the Plough Inn at Brisbane – both historic assets.

Also in the New South Wales capital this week, Justin Hemmes was confirmed as the buyer of a historic vacant RSL – a deal we covered last month.

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Discovery Parks is set to buy four holiday parks – in Victoria, Western Australia and the Northern Territory.

The deal with Breeze Holiday Parks needs ACCC approval.

It includes assets at Halls Gap and Eildon in Victoria and Busselton in Western Australia.

A Katherine property spans 17.8 hectares near the Nitmiluk Gorge (also known as Katherine Gorge) system and the area’s thermal springs (continues below).

Discovery is owned by G’Day Group, backed by Australian Retirement Trust, with some 90 national holiday parks and resorts.

Earlier this year it acquired Cradle Mountain Wilderness Village in Tasmania, Porepunkah Bridge Holiday Park in Victoria — subsequently rebranded Discovery Parks – Mount Buffalo — and Western Kangaroo Island Caravan Park in South Australia.

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The University of Tasmania has snapped up a vacant motel to repurpose for student accommodation.

The school is speculated to be paying $3 million for the ex-Wellers Inn at Burnie.

On 3103 square metres at 38 Queen Street, also exposed to Bay View Avenue, overlooking Bass Strait, it contains 24 motel style rooms, a self-contained one-bedroom flat, three-bedroom manager’s residence and large restaurant, function room and commercial kitchen.

The lettable area is 1208 sqm.

It previously sold in 2010 for $1.795m (continues below).

It failed to sell eight years later for $2.35m.

In recent years, the property has been leased to the Tasmanian government and used for seasonal accommodation by agricultural workers.

Elders Commercial’s Nicholas Bond and Clinton O’Keefe were the agents.

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Computershare co-founder Chris Morris has secured another high-profile tourism asset.

The Computershare co-founder has signed a long-term lease for Double Island, off Palm Cove near Cairns, following a state government expression of interest campaign.

Spanning 17.8 hectares, sitting largely dormant for over a decade after a once exclusive resort fell into disrepair. The lease was held by interests associated with Hong Kong businessman Benny Wu before being revoked in 2024 for non-compliance.

The deal expands Mr Morris’ tourism portfolio, which already includes Mount Mulligan Lodge near Cairns, Orpheus Island and Pelorus Private Island off the north Queensland coast and Townsville’s Ville Resort-Casino and Ardo hotel.

Last year the executive was in a high-profile competition with Iris Capital’s Sam Arnaout for Cairns’ Reef Hotel Casino.

This week, realestatesource.com.au reported Mr Morris, via Morris Group, sold the Julatten Hotel, west of Port Douglas, after a renovation (continues below).

Double Island

Once known as a celebrity retreat, Double Island is about 1.5 kilometres off the coast.

Morris Group is planning to raze the improvements as part of a four-stage, $40 million redevelopment including a public beachfront precinct, beach bar, restaurant and luxury hotel, to be named Double Island Lodge.

A pontoon, 24 luxury villas and helicopter landing facility is also expected to form part of the design. The development pipeline is four years.

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The Huang family’s Star Millennium has snapped up a prominent property opposite Brisbane or the RNA Showgrounds – set to play a major part in the Brisbane 2032 Olympics.

Also across the road from the proposed athlete’s village, the historic Ardrossan Hall at 33 Brookes Street, Bowen Hills, set it back $4.052 million ex-GST.

Lady Gowrie was the seller; it paid $2.7m in 2016.

It is the second not for profit to sell an asset in the city this month; the other was Diabetes Australia.

Bowen Hills is about two kilometres north of the CBD.

Ardrossan Hall

On 559 square metres at the corner of Gregory Terrace, the c1882 building has been extended and repurposed as an office.

There is 706 sqm of lettable area capturing CBD views over the showgrounds.

The historic building has original fireplaces, timber staircases and windows. The extension has floor to ceiling glass windows and balconies. The rooftop is activated as an entertainment terrace.

There are also 12 undercover car parks and end of trip facilities.

Also known as RGM House, the property has previously been a private residence and boarding house.

“The sale underscores growing confidence in Bowen Hills, where major infrastructure and placemaking projects linked to the Brisbane 2032 Olympics and Paralympic Games are expected to reshape the suburb into a premier commercial and lifestyle precinct,” Colliers’ Hunter Higgins who brokered the deal with Brendan Hogan and Gallus Partners’ John Shepherd, said (continues below).

“With Brisbane entering a critical phase of Olympic preparation, buyers are becoming increasingly strategic about securing premium assets in suburbs that will directly benefit from billions of dollars in infrastructure and urban renewal,” he added.

“The property drew significant interest from investors and owner-occupiers attracted to its unique blend of heritage character, development flexibility and prime Olympic-adjacent positioning…we fielded over 110 enquiries from interested parties,” according to the executive.

In the suburb’s Priority Development Area, zoned Mixed Use, near the proposed Olympic Village, it could be repurposed for retail, health, medical, community, or residential use.

Hub of activity

Star Millennium is expected to redevelop Ardrossan Hall, also known as RGM House, as a hotel.

“The Brisbane Showgrounds precinct is set to become one of the most activated and connected parts of the city over the next decade, with the future Athletes’ Village, upgraded main arena and broader transport improvements driving enormous confidence,” Mr Hogan said.

“We saw strong interest from groups who recognised not only the immediate appeal of the building itself, but the significant upside attached to owning a landmark site within the Bowen Hills Priority Development Area,” according to the executive.

Mr Shepherd added: “properties like Ardrossan Hall are incredibly tightly held because they offer something the market simply can’t replicate, authentic character, historical significance and a commanding presence in a location undergoing extraordinary transformation”.

“There’s a growing appreciation from buyers for buildings that tell a story and create a sense of identity, particularly when they’re paired with functional, modern accommodation and this drove a highly competitive campaign,” he said.

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Computershare co-founder Chris Morris has sold the Julatten Hotel, west of Port Douglas, after four years and a renovation.

“This was never about achieving the highest price,” the businessman said as executive chairman of Morris Group.

The asset is believed to have sold for $1 million.

It cost $1.2m in late 2022.

The venue was also rebranded, from the Highlander Tavern.

“It was about ensuring the hotel remains open and continues to serve the community, which I know is incredibly important to the local residents,” Mr Morris added.

“I am pleased that the purchasers are locals and I look forward to enjoying a pleasant Sunday afternoon there soon,” according to the executive (continues below).

Julatten Hotel

On two hectares facing the Rex Highway, known as 12 Mount Lewis Road, Julatten, the hotel includes indoor and outdoor bars and dining spaces and two self-contained Balinese inspired cabins.

The c$500,000 revamp provides the incoming owner, speculated to be two investors, with a turnkey opportunity with further upside in particular with accommodation (an application could be made for more cabins).

CBRE’s Danny Betros and Taylor Morris were the agents.

Julatten is 25 kilometres from both Port Douglas and Mossman on the road to the Atherton Tablelands.

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MA Financial-backed Redcape Hospitality has acquired Woolloomooloo’s Frisco Hotel from Queensland-based Sun Group.

The heritage-listed three level hotel set it back about $15 million.

A revamp is planned.

The deal comes six weeks since we reported Redcape, for the Hotel Fund, bought The Entrance Social Club on the Central Coast from the Thomas family.

That outlay was $36m.

Late last year it snapped up the c1865 Plough Inn in South Brisbane’s South Bank.

That 89 year leasehold cost c$40m.

The seller was SEQ Hospitality, part backed by Sydney Roosters chairman Nick Politis (continues below).

Frisco Hotel

On 304 square metres at the corner of Dowling and Nesbitt streets, also exposed to McElhone, the Frisco was built in 1856 to service nearby wharf workers.

It contains a bar, bistro and gaming room with TAB facilities and 17 electronic gambling machines. There are also six guest suites.

Sun Group, controlled by Pau Xu Via Queensland Hotel Investments, paid the Micola family $10m for the asset in 2019.

It failed to sell following a public campaign in 2022.

HTL Property’s Sam Handy and Andrew Jolliffe brokered the latest deal off-market.

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John Feros’ JDA Collective has sold the Peakhurst Hotel after 10 years and a renovation.

The freehold going concern fetched $60 million from Sonnel Hospitality.

“Peakhurst Hotel is exactly the type of all occasion venue we look for when considering opportunities to grow the Sonnel portfolio,” Sonnel Hospitality chief operating officer, Tim Fitzgerald, said.

“It already plays an important role within the local community and has a strong foundation across food and beverage, accommodation and entertainment,” he added.

“What excites us most is the opportunity to build on that foundation and continue evolving the venue in a way that reflects what local guests want from their local pub,” according to the executive.

“We have enormous respect for what has been created by JDA and look forward to working with the Peakhurst team to continue delivering great experiences for guests while exploring opportunities to further strengthen the venue’s offering over time”.

Peakhurst Hotel sale

On 5800 square metres on Forest Road, the large format hospitality asset contains a bar, bistro and gaming room with 30 electronic gambling machines.

There are also 11 guest suites (continues below).

JDA bought the venue for $22.5m in late 2016 from the John Singleton, Geoff Dixon and Mark Carnegie’s Australian Pub Fund.

In 2020 it undertook a major revamp.

“Any time you sell a venue you’ve owned for a long time, there’s an emotional element to it,” JDA chief executive officer, Mr Feros, said.

“We’re incredibly proud of what has been achieved…and the strong connection it has with the local community,” he added.

HTL Property’s Dan Dragicevich and Andrew Jolliffe brokered the off-market deal.

Peakhurst is about 22 kilometres south west of Sydney’s CBD.

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Local developer Stockwell has acquired the balance of former Paul’s Milk Factory, also known as the Parmalat milk site, consolidating control of one of the largest privately held redevelopment opportunities on the Kurilpa Peninsula.

The purchase of 65 Montague Rd, South Brisbane, comes a year since Stockwell acquired 108 Montague Rd, diagonally adjacent (pictured, top), offered in 2024 by Lactalis following a review of non-core property assets.

The latest deal gives the developer more than five hectares across a riverfront precinct between South Bank and West End.

An integrated project is planned for the amalgamation; the group last year applied for the first stage at #108, with a 30 level residential tower containing 299 apartments.

It also allocated part of that 1.7ha holding for a build to rent investment and 400-suite hotel.

Stockwell is led by ex-Australian Olympic swimmers Mark Stockwell and wife Tracy (nee Caulkins).

Site eyed decades: developer

The latest Stockwell site, operating as a milk-processing facility since the 1930s, is regarded as one of the last major industrial landholdings remaining on Brisbane’s inner-city waterfront.

Lactalis announced plans to close earlier this year citing ageing infrastructure and a shift in the area’s planning direction away from industrial uses, which has boosted land value (continues below).

More than 200 jobs are expected to be affected by the shutdown.

Mr Stockwell said he has eyed the sites for decades.

“Together, these acquisitions unlock more than five hectares on Kurilpa Peninsula, which is at the centre of everything which links our city,” according to the executive.

“With seven bridges and three train stations in walking distance, it connects with the CBD, Suncorp and Olympic stadiums and Queens’s Wharf,” he added.

“It brings together West End and South Brisbane with established cultural, recreational, commercial and residential precincts.

“A compelling opportunity for mixed-use development exists extending South Bank and the Cultural Precinct as key drivers for the city.

“As a cross generational business with a 74 year legacy, we take pride in shaping places that stand the test of time and our next chapter on Kurilpa will be no exception”.

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Two ex-Public Hospitality pubs have sold out of receivership for a combined c$80 million.

Clime Asset Management and Singapore-based Vantage Point Asset Management secured the South Bondi Hotel, formerly Noah’s Backpackers, and Empire Hotel in Annandale.

The acquisition follows agreements worth similar amounts with Tom Wallace’s Millinium Capital which ultimately did not proceed.

South Bondi sold for $60m and Empire Hotel for $20m.

The Public Hospitality portfolio has been progressively sold down by receivers since last year.

South Bondi Hotel was set to become Millinium Capital’s sixth acquisition from the Public Hospitality portfolio before the deal fell through.

Clime Asset Management managing director Michael Baragwanath was involved in financing and structuring arrangements linked to previous proposed Millinium Capital acquisitions which ultimately failed to settle (continues below).

Third time luckier

Mr Adgemis paid $68m for the Bondi property in 2022.

The Empire was purchased for $12m in 2021.

Two weeks ago, we reported the same receiver, McGrathNicol sold Potts Point’s Hotel Diplomat to Oscars Group for c$20m.

Millinium also agreed to buy that property, late last year.

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