By Graham Hazelwood | 9 Nov 2023

Queensland has seen strong pub sales in 2023. Though down from the peak of the market in 2022, sales in 2023 are still up from 2021  levels. Our valuations team are in the know with what’s happening across the State – read our update below.

The recent offer of part of the Redcape portfolio to the market has seen a surge of pub sales in Queensland. Four Queensland based Redcape pubs have been marketed by HTL, Savills and JLL, with The Grove ($17.5M, formerly the Andergrove Hotel, Mackay), the Aspley Hotel ($10.5M, Brisbane) and the Shafston Hotel (circa $18.6M, Brisbane) selling in quick succession. A fourth Queensland pub is being marketed (The Shamrock Hotel, Mackay) with expectations over $30M.

Pub Sales QLD 2023 – Over $5M


Also sold by HTL recently was the Imperial Hotel and HOLA boutique hotel, Eumundi. The extensively renovated hotel includes a brewery, small gaming room, new 5-star hotel accommodation, drive through bottle shop, and 2 detached bottle shops. There was considerable interest in the property which was purchased by the Comiskey Group for approximately $20M.

Going Concern Pub Sales – 2023 Sample

Beachmere Hotel (Metro North) $17.5M 9.0%
The Grove Tavern (Mackay) $17.5M 9.9%
Montague Tavern (Brisbane) $16.0M 8.5%
Imperial Hotel (Eumundi) $20.0M 9.25%
Gracemere Hotel $18.0M 10.0%


Remote and inland Queensland pubs still represent good buying for interstate investors

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Yields for Queensland pubs sales continue to remain above NSW and VIC levels and the disparity between metropolitan and regional pub yields is continuing to narrow.  While the most recent sales analysis suggest good quality South East Queensland pubs with gaming are still achieving yields in the 8.5% to 9.5% range, yields for larger pubs in Rockhampton, Mackay, Townsville and Cairns are likely to be 100 to 200 basis points softer. 

The highest level of movement has been in the more remote and inland pub transactions. Traditionally yields for these going concern assets were greater than 15%, but resulting from a shortage of supply, pubs with a proven trading history and an EBITDA of over $750,000 are achieving yields in the 12%-15% range. For interstate buyers used to sharper yields, this still represents good buying.

Queensland Yield Range – Pub Sales

Region  Yield Range

South East Queensland

8.5% – 9.75%

Regional Coastal City

10% – 11%

Inland and Remote

12% – 15%


Regional Pub Sales activity has declined from 2022 levels, with 2022 being an opportune time to dispose of assets post Covid, however buyer interest remains high. Recent sales totalling approximately $70M include:

  • Town View Hotel (Gatton)
  • Gatton Sundowner Hotel (Haigslea)
  • Gowrie Road Hotel (Toowoomba)
  • The Stock Hotel (Toowoomba)
  • St George Hotel (St George)
  • Criterion Hotel (Warwick)
  • Horse and Jockey Hotel (Warwick)


Purchases have been dominated by several established family groups looking to expand their presence in Regional Queensland. Values vary considerably, however pubs with gaming in the South East Queensland region are benefitting from the historically high value of Operating Authorities.


Our expert valuations team, including locally based experts, are keeping pulse of the property market. We look forward to updating you on our expanding Urbis Valuations and Advisory team in the near future. Get in touch with Graham to discuss the Queensland market or feel free to contact our other going concern experts below.

Graham Hazelwood, Director



Robert Cowell, Director



Sophie Virtue, Senior Consultant






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