The Wickham Hotel in Brisbane sells off-market for $14 million
Popular and renovated Brisbane hotel The Wickham (pictured, top) has sold off-market to a Sydney investor for $14 million.
The Fortitude Valley venue was offloaded by Hotel Property Investments, which controls dozens of complexes in Queensland and South Australia.
The sale price reflects a yield of 5.62 per cent, which marketing agents Tom Gleeson and Seb Turnbull of JLL say is a record low for a freehold Queensland pub since 2008.
“Combining the fundamentals of the strong covenant with the fact these taverns are often well located and positioned on substantial land holdings ensures assets of this nature are in high demand nationally,” Mr Gleeson told The Hotel Conversation, which reported the deal yesterday.
The Courier Mail reported the sale of the three-level “Queenslander” style pub, on September 20.
“This was a case of matching a specific buyers mandate to successfully complete the transaction discretely and off-market,” Mr Gleeson said.
