Ingham-Myers Hotels paid about $15m for the freehold going concern of the Normanby Hotel

An experienced pub family has bought one of Brisbane’s historic inner city hotels with plans to turn it into a market-leading venue in the lead up to the 2032 Olympics.

The Normanby Hotel has a new owner.

One of Brisbane’s iconic heritage-listed hotels has a new owner with plans to reposition it in the lead up to the 2032 Olympics as a market leading venue.

Ingham-Myers Hotels paid about $15m for the freehold going concern of the Normanby Hotel in Red Hill after an expressions of interest campaign by CBRE Hotels Paul Fraser.

Mr Fraser said opportunities to acquire an inner-Brisbane hotel with strong value-add and future redevelopment potential was scarce, and strong interest was generated throughout the campaign.

“We’re currently in the midst of a gaming boom in South East Queensland with respect to both revenue generation and the value of gaming machine authorities,” he said.

“This has underpinned the tightly held nature of inner-city assets with gaming pubs becoming even more coveted as strategic investments.”

“With the value of gaming showing continual growth, Brisbane’s elevated infrastructure pipeline, and the 2032 Brisbane Olympics on the horizon, the trading outlook for pubs is strong and we expect investor sentiment for these assets to remain robust through 2023.”

Built in 1890, the multi-level, heritage-listed building occupies a 4162sq m site and offers 35 gaming machine authorities, multiple bars, restaurants, a beer garden, and functions areas.

The Ingham Myers family also own the Rocklea Hotel which they have successfully refurbished and they are seeking to reposition the Normanby Hotel.

The pub was previously owned by Jaz Mooney’s Middle Head Ventures which purchased it in 2019 and completed a $4m refurbishment.

“I’m happy to see the Normanby Hotel be retained by safe hands and I look forward to seeing what the new owners do with this iconic Brisbane pub,” Mr Mooney said.