Iconic Brisbane pub The Elephant Hotel has been acquired by a Sydney-based hospitality operator for $20 million.
Independent pub group Tilley and Wills Hotels will add The Elephant to its portfolio of Sydney-based assets including the Verandah Bar, the Clovelley Hotel and the Greenwood Hotel.
CBRE's Paul Fraser says the sale of The Elephant Hotel, located in Brisbane's nightlife precinct Fortitude Valley, is further proof that interstate and international pub operators are interested in the potential of Queensland's venues.
"Such is the profile of the pub, there were 60 enquiries and eight offers," says Fraser.
"It highlights the appetite for large format freehold hotels with a diverse income stream and obvious operations upside."
Since 2013 more than 70 per cent of all Brisbane-based venues sold for over $10 million have been acquired by interstate or foreign-based hoteliers according to JLL Hotels & Hospitality.
The Elephant Hotel is a multi-level building with four separate bars, a large outdoor beer garden, and a gaming room with 42 pokie machines.
The sale of the pub means John Singleton's Australian Pub Fund no longer holds any Queensland assets.
Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Get our daily business news
Sign up to our free email news updates.
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support