James Power set to settle on $7m deal to buy historic Norman Hotel

James Power set to settle on $7m deal to buy historic Norman Hotel, which he has bought tfrom South Australia-based Independent Pub Group, which is exiting the Queensland hotel market

NORMAN’S OUT OF BAG

BEER must still course through the veins of the Power family.

Bernie Power (illustrated), of course, made a name himself back in the 1980s, taking the fight to CUB and XXXX with his Power Brewing. Now his nephew, James Power, has bought Brisbane’s historic Norman Hotel in a deal which goes unconditional on Wednesday.

He declined to reveal how much he will be paying South Australia-based Independent Pub Group, which has been methodically exiting the Queensland hotel market over the past few years. But it’s understood the deal is worth about $7 million.

“It’s an iconic hotel and when the opportunity presented itself, I was pleased to acquire the property,’’ Power said.

“We got out of hotels in the late ’80s and did other things. Now we see an opportunity back in the hotel sector. We think this is a very sound investment.’’

Power, who also operates Personalised Plates Queensland, said the circa-1889 watering hole had a great location in Woolloongabba and was generating more than $7 million a year in revenues.

It’s not the first time Power has made an astute property play. Late last year he sold the family’s Central Brunswick retail property in Fortitude Valley for about $35 million, pocketing a $14 million profit in a little more than two years.

IPG boss Greg Maitland declined to comment and even got a bit twitchy about media coverage, citing a confidentiality agreement. Sorry mate, the proverbial cat’s out of the bag!

 

WEDDING BLUES

Brisbane’s largest independent bridal shop closed its doors over the holiday weekend, leaving plenty of shocked and angry brides out of pocket and desperate as the big day approaches.

The Bridal Shop had traded in the Queen Street Mall since 1994 under the control of Robert and Judith Hunter.

In a curious email to clients, Ms Hunter said she had “good news’’ because the couple had arranged for dress designers and suppliers to contact affected consumers directly to sort out purchases.