Quinn Hotels has purchased its first Queensland venue – the leasehold to West End’s Archive Beer Boutique – outlaying a speculated $5 million.
The two-level building on 1335 square metres at 100 Boundary Street was listed 22 months ago by Jim Davies’ AusHotels, which has operated since 2005.
With a bar, bistro and function rooms – all up, 1419 sqm – and a 2am liquor licence, it was marketed for its diversified income streams; CBRE’s Paul Fraser was the agent.
“Given the abundance of infrastructure investment and projects currently underway in Brisbane combined with continued strong population growth and migration levels, we expect offerings such as the Archive Beer Boutique to remain strong through 2023,” he added.
The West End head lease has just under 30 years remaining.
The incoming owner, led by ex-CUB executive Jackson Quinn, is planning a multi-million dollar renovation (story continues below).
The acquisition comes eight months since Mr Quinn offloaded Ballina’s Australia Hotel to Black Fox Property, which appointed Ged Dore’s Tinker Hotels to operate it.
That freehold going concern collected $9.5m.
The executive was also part of a partnership which recently divested the Windsor Castle in East Maitland, to Harvest Hotels for $51m – a region record price.
Elsewhere in the Maitland area the Quinn family also owns the Bradford Hotel, Lakeside Village Tavern and Rutherford Hotel.
Subscribe to our newsletter at the bottom of this page.