Normanby Hotel on the market after $4m refurbishment by Jaz Mooney’s Middle Head Ventures

A refurbished 130-year-old inner city pub is on the market and could fetch up to $16m just three years after it was last sold.

One of Brisbane’s landmark hotels is on the market less than three years after it was last sold and there are expectations it could sell for up to $16m.

Jaz Mooney’s Middle Head Ventures is moving to sell the Normanby Hotel’s freehold going concern or the leasehold after his group completed a major $4m refurbishment.

Built in 1890, the heritage-listed property is on a 4162sq m site and is being offered with 35 gaming machine authorities, multiple bars, restaurants, a beer garden, and functions areas.

CBRE Hotels’ National Pubs director Paul Fraser, who has been exclusively appointed to steer the campaign for the well-known Red Hill watering hole, said the refurbishment has completely modernised the asset while retaining its key heritage features.

“This means the hotel will have very limited need for immediate capital expenditure, effectively offering a turnkey proposition for an incoming investor,” he said.

Jaz Mooney outside the Normanby Hotel in 2019.

The pub at 1 Musgrave Rd, Red Hill, is expected to attract interest from local and interstate investors and operators.

The freehold going concern last sold in 2019 when it was bought by Mr Mooney $11.5m.

With the refurbishment, industry sources say the freehold going concern of the hotel could sell for up to $16m.

The property is 200m from the $2bn Brisbane Live development, which will comprise an 18,000-seat arena above the new Roma Street Cross River Rail station.

The Normanby Hotel is on the market.

“With this city changing infrastructure due to come online and the Brisbane Olympic Games right around the corner online, such as the Brisbane Live Precinct, Roma Street Cross River Rail Station and the Queens Wharf, The Normanby Hotel is in a prime position to prosper over the next decade and beyond,” Mr Fraser said.

“The asset also offers significant underlying value through its 35 South-East Queensland gaming authorities and large site area, less than 2km from the CBD.

“This, combined with property’s future redevelopment potential, means the property will be highly sought after by a wide range of investment groups.”