Historic Queensland pub The Spotted Cow has been sold on behalf of well-known Queensland hospitality owners Mick and Dianne Coorey.
CBRE Hotels’ National Pubs Director Paul Fraser and Power Jeffery & Co Partner Peter Power negotiated the sale of the freehold going concern asset in Toowoomba to the Brisbane-based Hallmark Group.
“This sale heralds the beginning of a new era of ongoing development for this Queensland institution, which for the past 24 years has been proudly owned and operated by the Coorey family,” Power said.
“Plans are in place with the new owners to present a new offering which will take the hotel to another level, in keeping with modern, up-to-date industry standards for on-premise hospitality and entertainment.”
This sale represents the first Queensland pub transaction negotiated and settled entirely during Australia’s COVID-19 lockdown period.
“Whilst the asset is not currently trading, this sale highlights the appetite astute buyers have to acquire and reposition long-established pubs with strong underlying values,” Fraser said.
The transactional market had also been buoyed by interest from non-big four bank lenders seeking to invest in the asset class, Fraser noted.
“The recent emergence of these second-tier lenders has given purchasers another avenue to raise capital in an area that has long dominated by the big four banks,” Fraser said.
“The competition for finance has been heating up over the past six months, with purchasers now having multiple options available to secure prized assets.”
The Spotted Cow offers diversified income streams from bar, food, functions, entertainment and 20 gaming machines.
It occupies a commanding corner position on the main street of Toowoomba in an area that is set to benefit from significant new development projects.
Toowoomba is Australia’s largest inland provincial city and the major regional service centre for the Darling Downs and Lockyer Valley farming and grazing industries as well as the Surat Basin coal mining region and extensive LNG operations and development projects.