A new independent pub venture led by former Carlton & United Breweries CEO Peter Filipovic and Patrick Ryan of Ryan’s Hotel Group has finalised its maiden acquisition, securing a major hotel in South East Queensland.
The duo acquired the freehold going concern interest in the Commercial Hotel at Redbank following an off-market campaign steered by CBRE Hotels Senior Director Paul Fraser.
The purchase price has not been revealed but it is believed to be between $11million and $12million.
Ryan said: “We are delighted to have retained the Commercials passionate staff, and will endeavour to keep the pub genuine, and at the heart of the Redbank community as it has been for over 100 years.”
Filipovic added: “Proud to be an owner of the Commercial Hotel in Redbank Queensland in partnership with a great operator and close friend Patrick Ryan from Ryan Group Hotels in Sydney.”
The Commercial Hotel was acquired from Roconcil Pty Ltd, which has owned the asset since 2018. This sale was also brokered by CBRE Hotels.
Roconcil Managing Director Gerry Murphy said: “Since purchasing the venue, the community has welcomed and supported us all the way through. We are extremely proud of what we have achieved in a short period and wish the new owners nothing but success.”
The Commercial Hotel is located on an expansive 2,702sqm site and is 300m from the Redbank Train Station and Ipswich Motorway, which connects Brisbane and Ipswich.
It comprises a sports bar with a separate TAB area, gaming room with 24 machines, indoor bistro and adjoining outdoor dining area, modern kitchen facility, walk-in bottle shop, four guest rooms and an administration office on the first floor.
The venue has undergone a circa $650,000 refurbishment in recent times, meaning little initial capital expenditure is required.
CBRE’s Fraser said the deal highlighted continued growth in demand for South-East Queensland hotel assets, particularly those with strong underlying value drivers.
“The Commercial Hotel is situated in a strong Queensland gaming market, which provides substantial underlying value, supported by the asset’s 24 gaming machines,” Fraser noted.
“The venue is a consistent top 200 gaming performer in Queensland, which is extremely impressive given it largely competes against assets with over 35 machines. The latest gaming machine authority tender results have highlighted robust growth, with the average authority price now sitting at $281,500 in Queensland’s South-East – up 42% since last year.
“This sale highlights that demand for assets located in South East Queensland has outstripped supply from astute southern buyers looking to reallocate capital with value and long term growth opportunities.”
“South East Queensland has become an attractive market nationally with record infrastructure spending, comparative pricing, lifestyle choices and the Olympic Games all seen as favourable short, medium and long term attributes for the State”.
Filipovic (above, right) also announced last month that he was joining HTL Capital in the capacity of a Board Director of the Victorian operations as the advisory company expands operations along the east coast.
He flagged his continuing interest in hospitality when he retired from CUB after 25 years service, noting on LinkedIn: “Time for the next chapter ! One thing is for sure is that I won’t be lost to the hospitality industry that I have become to love so much. Cheers!”