Queensland Hotelier of the Year Matt Coorey buys popular pub

A southeast Queensland pub has a new high-profile owner who promises his “hands on” approach will revitalise the family-friendly watering hole.

Shearers Arms Tavern in Ormeau.

SOUTHEAST Queensland has notched up its second major pub sale in two days with a northern Gold Coast tavern changing hands.

Queensland Hotelier of the Year Matt Coorey has bought the freehold and going concern of the Shearers Arms Tavern on Peachey Rd, Ormeau, in a joint venture with the Royal Hotels Group based in Sydney.

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Mr Coorey, who has interests in the award-winning Boardwalk Tavern on Hope Island, said he will be very hands on.

“Having run the ruler across countless opportunities over the past few years, I’m delighted to now have the opportunity to pick up the reins on the Shearers, particularly given its proximity to my other hotel,” he said.

“My style is very hands on and I expect the hotel and surrounding community will respond well to an owner/operator model.”

On a 1.2ha site the tavern includes a sports bar, restaurant, gaming facilities and a bottle shop.

The deal was struck by HTL Property’s Glenn Price, Brent McCarthy and Andrew Jolliffe on behalf of the South Australian-based Cornish and Murphy families.

The sale price has not been revealed but industry sources believe it would have been between $17 million to $19 million.

Mr Price said there was strong interest in the tavern from leading Queensland hotel operating groups, as well as NSW and Victorian-based pub investors and hospitality based vehicles.

“The scarcity of available A-grade product meant the interest in the opportunity was so high we could have sold the asset five times over,” he said.

HTL also sold one of Queensland’s top gaming pubs — The Acacia Ridge Hotel.

ASX-listed Hotel Property Investments announced on Wednesday it will pay $20 million for the freehold of the hotel.

Mr Price said the Acacia Ridge Hotel regularly featured in Queensland’s top 10 gaming hotels.

“The Acacia Ridge Hotel is firmly regarded as a top tier Queensland hospitality holding, and the price achieved is reflective of the high regard in which the market has valued the opportunity,” he said.

The Acacia Ridge Hotel was owned by Balmoral Hospitality Group which last year bought the Peet Group’s greenfield tavern site in Flagstone, southeast Queensland.

It purchased the freehold/going concern of the Acacia Ridge Hotel three years ago for $26 million.

The hotel is leased to Monarch Hotel Management for 12 years with five 10-year options.

The Acacia Ridge Hotel has 45 gaming machines and a large format drive-through bottle shop, multiple bars and conference facilities, as well as a 34-room accommodation centre.

It is on a 1.845ha corner site with redevelopment upside.