One of Brisbane’s oldest pubs, and one of the rare family-owned and operated hotels, is on the market and expected to break sales records.
The heritage-listed Pineapple Hotel in Kangaroo Point, that has been owned and operated by the Singleton family, is being offered as a leasehold and going concern for the first time in 32 years.
CBRE Hotels senior director Paul Fraser is spearheading the expressions of interest campaign of what he said was one of the “last independently owned A-Grade hotels in Brisbane”.
However, he refused to provide a price point.
“This is one of the best pub assets that is on the market in Brisbane in the last decade,” he said.
Sources say The Piney could eclipse the $35m sale of the freehold and going concern of the Stock Exchange Hotel in the Brisbane CBD to the Australian Pub Fund in 2013.
The Singleton family was not available for comment.
The pub at 706 Main St is on a 2947sqm freehold parcel of land and has development potential. It features a longstanding pub with a steakhouse, contemporary glasshouse beer garden, several bars and function rooms. The hotel has 36 gaming authorities in the current market, this equates to an underlying value of about $10m.
The pub was established in 1864 in a wooden house on a large site fronting Main St and the in 1886-87 the house was replaced by the present two-storey building designed by Brisbane architects John Hall and Sons, featuring the Victorian Filigree style.
It was named after the many pineapple plantations which were in the Kangaroo Point area up until the early 1900s.
Its location in the corner of Raymond Park, close to the Gabba Cricket Ground, has made it a popular watering hole for sports lovers and a home base for many sporting teams.
The Singleton family extensively renovated and restored the hotel since the gaining ownership in 1990.
This story was originally published on www.theaustralian.com.au. >>>