Prominent Brisbane pub fetches $50m
The Farquar family has sold the Caxton Hotel freehold going concern after 28 years.
The Brisbane pub is believed to be trading for $50 million to the Eumundi Group backed by SEQ Hospitality, 50pc owned by Sydney Roosters chairman Nick Politis, with Fortitudo.
Developed in 1884, replacing a 20 year old venue razed by fire, formerly known as Lang Park, the property contains two bars, a bistro, function space and gaming room with 25 electronic gambling machines.
In the heart of the Caxton Street retail precinct, the Petrie Terrace site is about 50 metres from Suncorp Stadium.
Savills marketing agents Leon Alaban and Drew Mitchell said the property has long served as the unofficial headquarters for pre and post match celebrations.
“Whether it’s the electric atmosphere of State of Origin, the intensity of rugby union tests, or the passion of major soccer fixtures, the Caxton has been the place where Queensland’s sporting triumphs are toasted, and heartbreaks consoled,” they said.
SEQ reweighs portfolio
SEQ acquired all shares in the ASX listed Eumundi Group Limited last October.
At the same time, Fortitudo bought five Eumundi assets via a minority interest stake.
The Caxton Hotel will be held in a portfolio with, in Queensland, the Aspley Central Tavern, Queens Arms Tavern, Traders Dukes and the Treetops Tavern.
SEQ also owns the Quench Liquor bottle shop brand.
Last week we reported the group sold South Bank’s Plough Inn – an 89 year leasehold and one of the five properties Fortitudo bought into – for a speculated $29m to Redcape Hospitality.
Petrie Terrace is about a kilometre north of Brisbane’s CBD.
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