Cecil Hotel: Historic Southport pub sells for $14m, changing hands for the first time in 25 years

One of the Gold Coast’s oldest pubs, in the heart of the rapidly transforming Southport development precinct has changed hands. WHAT IT MEANS FOR THE FUTURE

One of the Gold Coast’s oldest pubs has changed hands for the first time in 25 years.

Southport’s historic Cecil Hotel, which dates back to 1908, has sold for $14.25m on the third attempt to sell it since 2020.

It was offloaded by its long-time owners, Surfers Paradise resident Greg Ryall and Adelaide-based Paul Smith, to retail property giant Charter Hall in a deal brokered by Ray White Gold Coast.

Ray White agent Jackson Rameau said there had been significant interest in the property.

“We received 233 inquiries and several groups re-engaged interest, having launched it for the third time online since Covid,” he said.

The Cecil Hotel, Southport

“For my vendors’ best interest, cash unconditional was extremely crucial for them to move on with their other important aspects of reinvesting and I knew the shorter the settlement, the more serious the potential purchaser.

“After just 19 days on the market, six inspections and five offers or contracts prior to auction. The Cecil Hotel sold for $14.25 million with a very short 14-day cash unconditional settlement prior to auction.”

Mr Rameau said interest in the suburb was strong amid a growing push led by the Gold Coast City Council to pull Southport out of its economic doldrums.

The Cecil Hotel, Southport

“Given the number of bidders and the strong competition between them, this underlines the desirability for commercial real estate in Southport,” he said.

The Cecil Hotel was founded in 1908 by Nerang blacksmith Harry Taylor and originally operated out of a two-level wooden building.

The existing art deco building, on the corner of Nerang and Scarborough streets, dates back to 1938 when it was rebuilt by its then-owner Queensland Brewery Limited for $46,000.

The Old Cecil Hotel (courtesy of G.C.C.C - Local Studies Library) Picture: Supplied

It was a popular drinking spot for National Party politicians, police, politicians, journalists and developers in the mid-late 20th century and was, at different times, run by rugby league legends Peter Gallagher and John Sattler.

Mr Rameau said the deal was done quickly, with the new owners set to retain it, with operator ALH having a long-term lease which will until 2035, with an option for a further 20 years

“Charter Hall are arguably the largest owner of retail property in Australia and had done a building inspection, valuation and were privy to the site having looked at the site for many years,” Mr Rameau said.

The current building in the mid-20th century.

“Both parties’ solicitors were in talks within 32 hours of the property relaunching online and all their due diligence was complete prior to auction with competition from four other parties prior to auction at various levels.

“The two private owners were delighted to have such a bona fide group acquire the holding and have no doubt that Charter Hall will make great use of the site’s potential.”

Originally published as Cecil Hotel: Historic Southport pub sells for $14m, changing hands for the first time in 25 years