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
| PUB | PRICE | YIELD |
| 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% |