Charter Hall sells historic Brisbane pub
Charter Hall has sold New Farm’s historic Brunswick Hotel, seven years after buying it from Australian Avenue Co with a leaseback.
The c1889 freehold investment, 569 Brunswick Street, on the corner of Kent, collected $12.8 million from local developer Pradella Property.
The asset manager paid $7.364m.
With a bistro, beer garden, function spaces and gaming room with 35 electronic gambling machines and keno, a major refurbishment was recently completed.
The site spreads 3056 square metres.
This pocket of New Farm is about two kilometres east of Brisbane’s CBD.
Also today we are reporting AVC sold Victoria’s historic Queenscliff Brewhouse for a major profit after eight months.
Securely leased
AVC is on a 15 year lease at 569 Brunswick St but with options can stay until 2087.
Charter Hall held it in the Long WALE REIT.
The off-market disposal was brokered by CBRE’s Joe Tynan and Paul Fraser.
Pradella’s price reflects a c4.5 per cent net passing yield.
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