Independent pub group Tilley and Wills Hotels has paid more than $20 million for The Elephant Hotel in Brisbane’s inner north east Fortitude Valley.
The acquisition is the first in Brisbane by the Sydney based group.
Australian Pub Fund was the vendor.
On a 1237 square metre site at 230 Wickham Road, a vibrant commercial and nightlife hot-spot, the historic three-level complex, also known as Prince Consort Hotel, contains four bars, outdoor beer garden and gaming room with 42 machines
It also includes a strong performing bottle shop.
Eight offers were received, the brokers added – many from non-Queensland prospective buyers.
Mr Fraser said the campaign “highlighted the appetite for large format going concern hotels with diverse income streams and obvious operational upside opportunities”.
With cost of debt at an all time low, the agent added “we don’t see this current environment changing in 2020”.
“It is certainly a seller’s market right now”.
Mr Gleeson said Tilley and Wills Hotels has “an enviable track record” of re-inventing venues “and are excited to bring their distinct style to the iconic Elephant Hotel and capitalise on the long-term prosperity of the Fortitude Valley precinct”.
As well as owner occupiers, CBRE and JLL marketed The Elephant Hotel as an investment – with the vendor prepared to structure a leaseback commencing at settlement.
Tilley and Wills Hotels operates, in Sydney’s Mosman, Buena Hotel and Bistro Mosman, and elsewhere in and around the city, Clovelly Hotel, Greenwood Hotel, Oxford Art Gallery, The Balmain Hotel and Verandah Bar.
In Newcastle, it runs Hotel Delany.