Former CUB exec swoops on Redbank pub
Recently retired Carlton & United Breweries chief executive officer Peter Filipovic with Ryan’s Hotel Group founder Patrick Ryan, have formed a hospitality venture with the purchase of a Brisbane pub.
The pair is paying a speculated $11-$12 million for the freehold going concern of the c1910 Commercial Hotel Redbank, in the city’s south west.
That price would reflect an impressive capital gain for vendor, Gerry Murphy, who via a company, Roconcil, outlaid $6m in 2018.
CBRE Hotels’ Paul Fraser brokered both deals.
Commercial Hotel Redbank
At 72 Brisbane Road, the Commercial Hotel occupies a 2702 square metre block, walking distance to Redbank train station.
Recently refurbished at a cost of c$650,000, the property is configured with a bistro, outdoor dining area, bottle shop, four guest suites and offices.
A gaming room has 24 electronic gambling machines.
“The venue is a consistent top 200 gaming performer in Queensland, which is extremely impressive given it largely competes against assets with over 35 EGMs,” Mr Fraser said (story continues below).
“The latest gaming machine tender results have highlighted robust growth, with the average authority price now sitting at $281,500 in Queensland’s south east – up 42 per cent since last year,” he added.
“This sale highlights that demand for assets located in south east Queensland has outstripped supply from astute southern buyers looking to re-allocate capital with value and long-term growth,” according to the executive.
Mr Filipovic is Melbourne based, while Ryan’s Hotel Group is headquartered in Sydney.
“We are delighted to have retained the Commercial’s passionate staff, and will endeavour to keep the pub genuine, and at the heart of the Redbank community as it has been for over 100 years,” Mr Ryan said.
After CUB sold to Asahi, Mr Filipovic announced last July he would stand down from CUB after 25 years.
Danny Ceconi quit his PepsiCo ANZ CEO position in October to replace him.
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