The Normanby Hotel is on the market and expected to attract local and interstate interest

A HISTORIC pub which has been a feature in the Brisbane hotel scene for more than 100 years is looking for a new owner.

The Normanby Hotel at Red Hill is on the market.

ONE of Brisbane’s iconic watering holes — The Normanby Hotel — is on the market for the first time in almost two decades.

Constructed in 1890, the landmark heritage-listed Red Hill hotel on Musgrave Rd has been one of Brisbane’s favourite pubs since its relaunch just before the 2003 Rugby World Cup by co-owners Michael Dempsey and Otto Wilhelm who bought it in 1999.

The sale of the site and going concern should attract local and interstate interest and according to industry sources sell for over $20 million.

On the doorstep of Suncorp Stadium and only 2km from the Brisbane CBD, The Normanby is renown as a meeting place before and after a game and its Sunday afternoon sessions in its famous beer garden.

Richlister Mr Dempsey, who sold his electronics payments business Ezidebit for $305 million in 2014, said he was selling up to concentrate on his core business of property technology through real estate property management software, Console.

Architect James Forbes and co-owners Otto Wilhelm and Michael Dempsey in 2000 outside The Normanby Hotel before its extensive refurbishment.

The hotel is being offered for sale by CBRE Hotels’ Queensland director Paul Fraser and national director Daniel Dragicevich.

Mr Fraser said the pub commands a high traffic flow position, located on dual street frontages at the Normanby Fiveways and primed to capitalise on the end of the working day trade with its left outbound position.

“The hotel boasts huge underlying value with 35 gaming machines on site offering significant gaming upside potential. On top of this, the prime location of the hotel and the huge expanse of land this asset offers makes it an obvious development play in the future,” Mr Fraser said.

The 3655sq m site incorporates the multi-level heritage listed pub and a huge car park.

“Ultimately the incoming purchaser has a blank canvas in which to reinvigorate and reposition the pub immediately while also having the future opportunity to maximise the site to its highest and best use through substantial development,” Mr Fraser said.

“With large scale future development potential and an enviable past track record in pub trading, The Normanby Hotel is expected to be a highly sought-after pub in an historically tightly held southeast Queensland asset class.”