Bruce Mathieson jnr has bought the Woolloongabba Hotel leasehold in the Olympic hub

A multi-billionaire pub dynasty has put their faith in Brisbane 2032, buying the leasehold of a renowned hotel in the heart of the Games precinct.

The Woolloongabba Hotel in The Gabba Central shopping centre in Brisbane.

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A renowned Australian pub dynasty has secured a hotel in the heart of Brisbane's Olympic Games precinct.

Industry sources say Bruce Mathieson Jnr has bought the leasehold of the Woolloongabba hotel from a private consortium which has owned the pub for 11 years.

The hotel is within Gabba Central at 803 Stanley St, which is anchored by Coles, along with 18 specialty tenants including, Jetts Fitness and Australia Post.

It’s across the road from the Gabba Stadium and the hotel has existed on the prominent corner site since 1868. The Woollongabba Hotel features a main bar, dining area, gaming room with 11 EGMs (Electronic Gaming Machines), an on-site bottle shop and three detached bottle shops.

Savills Hotels Leon Alaban, who struck the deal with Tony Bargwanna, refused to confirm the buyer but said it was a “strategic acquisition” considering the vast amount of infrastructure projects in Woolloongabba’s pipeline.

The Gabba has been earmarked for the main stadium for the 2032 Olympic Games – hosting the opening and closing ceremonies as well as athletics. The pub is also across the road from the Cross River Rail Woolloongabba station precinct which is being built.

Industry sources said Mr Mathieson jnr, who lives on the Gold Coast, has also bought the leasehold of the historic Captain Cook Hotel in Sydney opposite the SGC precinct.

Pubs billionaire Bruce Mathieson Snr

The Mathieson family has been a major player in the Australian pub scene for almost 50 years.

Bruce Mathieson snr has been involved in the hotel industry since 1974. In 2000, the Bruce Mathieson Group formed a partnership with Woolworths which led to the ALH Group

Last year Woolworths bought out his stake in ALH in exchange for a minority stake of 15 per cent in the $13bn ASX-listed Endeavour Group. Bruce snr stepped down from the Endeavour Group board and was replaced by son Bruce jnr.

The younger Mathieson had left his role as Endeavour Group managing director of hotels before taking up the directorship.

Mr Alaban said people were attracted to the activity in the Olympic precinct.

“The Games and its associated infrastructure enhancements will see Woolloongabba transform into the hub of Brisbane,” he said.

“It will not only provide an easier way to access the suburb but will see an explosion of patronage to the area before, during, and after the Olympics, adding significant popularity and a growth in the area’s property prices.”