Iconic pub hits the market
For sale for first time in 15 years
ICONIC Brisbane pub, The Normanby Hotel, is being offered for sale for the first time in more than 15 years.
Co-owned by Michael Dempsey and Otto Wilhelm since 1999, the heritage-listed Red Hill hotel has been one of Brisbane’s favourite watering holes since its relaunch just in time for the 2003 Rugby World Cup.
On the doorstep of Suncorp Stadium and only two kilometres from the Brisbane CBD, The Normanby has become synonymous with being a meeting place before and after a game and the Sunday afternoon sessions in its famous beer garden.
Mr Dempsey said he was selling the hotel in order to concentrate on his core business of property technology through real estate property management software, Console.
He sold his electronics payments business Ezidebit for $305 million in 2014.
The Normanby Hotel is being offered for sale by CBRE Hotels’ Queensland director Paul Fraser and national director Daniel Dragicevich.
They are marketing the property on behalf of the owners via an expressions of interest campaign.
The Normanby is set to significantly benefit from the $2 billion ‘Brisbane Live’ worldclass entertainment precinct, located just 200 metres from this site.
Mr Fraser said the pub commanded a high traffic flow position, located on dual street frontages at the Normanby Fiveways and was primed to capitalise on the end of the working day trade with its left outbound position.
“The hotel boasts huge underlying value with 35 gaming machines on site offering significant gaming upside potential. On top of this, the prime location of the hotel and the huge expanse of land this asset offers makes it an obvious development play in the future,” Mr Fraser said.
The 3683sq m site incorporates the multi-level heritage listed pub and a huge carpark.
“Ultimately the incoming purchaser has a blank canvas in which to reinvigorate and reposition the pub immediately whilst also having the future opportunity to maximise the site to its highest and best use through substantial development.”
The EOI process closes on Thursday, April 5, at 2pm (AEST). For further information contact Mr Fraser on 0401 100 350.