Peter Filipovic and Patrick Ryan have launched their partnership buying the Commercial Hotel
Two well known names in the Australian pub sector have joined forces and bought an historic South East Queensland hotel, vowing to keep it `genuine’.
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TWO heavy hitters in the Australian pub sector have joined forces and bought their first hotel in South East Queensland.
Former Carlton & United Breweries chief executive Peter Filipovic and Patrick Ryan of Ryan’s Hotel Group have acquired the freehold going concern interest in the Commercial Hotel at Redbank in Ipswich.
The purchase price has not been revealed but it is believed to be between $11m and $12m.
Mr Ryan said they aimed to ensure the pub remained an important part of the local community.
“We are delighted to have retained the Commercial’s passionate staff, and will endeavour to keep the pub genuine, and at the heart of the Redbank community as it has been for over 100 years," he said.
The hotel at 72 Brisbane Rd dates back to 1910 and was owned by Roconcil Pty Ltd, which completed a recent $650,000 refurbishment.
The hotel is on a 2702sq m site and is 300m from the Redbank Train Station and Ipswich Motorway, which connects Brisbane and Ipswich.
It has a sports bar with a separate TAB area, gaming room with 24 machines, indoor bistro and adjoining outdoor dining area, modern kitchen facility, walk-in bottle shop, four guest rooms and an administration office on the first floor.
Roconcil managing director Gerry Murphy said since purchasing the venue in 2018 the local community has been a great support.
“We are extremely proud of what we have achieved in a short period and wish the new owners nothing but success,” he said.
CBRE’s Mr Fraser, who struck the deal, said it highlighted continued growth in demand for South-East Queensland hotel assets, particularly those with strong underlying value drivers.
“This sale highlights that demand for assets located in South East Queensland has outstripped supply from astute southern buyers looking to reallocate capital with value and long term growth opportunities,” he said.
“South East Queensland has become an attractive market nationally with record infrastructure spending, comparative pricing, lifestyle choices and the Olympic Games all seen as favourable short, medium and long term attributes for the state”.
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