North Stradbroke Island’s only pub sold after 26 years
Bob Hill has sold North Stradbroke Island’s only hotel to a partnership comprising Good Time Group Holdings and Anthony Moreton Group.
On 3267 square metres, the freehold going concern to the Stradbroke Island Beach Hotel, or Straddie, is understood to be costing $20 million.
Another $5m is expected to be spent on a renovation – despite it having gone a refurbishment that value in 2019.
JLL’s Tom Gleeson was the agent.
GTGH is directed by Ben Walsh while Tony Hazell leads AMG.
Stradbroke Island Beach Hotel
Mr Walsh described the property – North Stradbroke Island’s only pub – as a once in a lifetime opportunity.
On Dickson Way, with north facing Cylinder Beach views, the venue is configured with a bar, bistro, beer garden and gaming room with 15 electronic gambling machines.
There are 15 guest suites too, and a standalone drive through bottle shop.
The deal also includes caretaking and letting rights for a neighbouring apartment complex.
North Stradbroke Island attracts about 400,000 visitors annually (story continues below).
“This is a very exciting time for our organisation and the future of its growth,” Mr Walsh said.
“Not many people can say they own the only pub on an island, in particular one that experiences extremely high tourist traffic volumes and realizes continuous growth,” he added.
“The uninterrupted, unparalleled ocean views are the perfect backdrop to what will be a spectacular world class venue offering a genuine high level of food, beverage, accommodation and service standards that will, in turn gain recognition on the global tourism stage as a must-see attraction when visiting Queensland,” according to the executive.
“At the same time, [it will] complement the local community with a new cultural dining and drinking experience”.
Partnering again
GTGH and AMG in 2019 teamed to replace a piece of Broadbeach’s ex-Beach Hotel with a hospitality precinct including a function space, The Rimini Room, and sports bar, Fat Freddy’s Bar and Diner, which includes 38 EGMs.
Next door to that is one of two Miss Moneypenny’s restaurants owned by Mr Walsh; the other is in Noosa.
GTGH is also behind The Goldfish Bar, which operates at Sydney’s Kings Cross and the Hunter Valley.
“The partnership is developing a growth plan around multiple key acquisitions of unique hotels in areas that the group will develop into models showcasing their premium signature boutique design and hospitality offerings,” Mr Walsh said of the North Stradbroke Island purchase, with AGM.
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