Arundel Tavern sells for between $35-40m as hotelier Bruce Donnachy cashes in

The 20-odd year old tavern, which has been rated among the top 10 gaming hotels in southeast Queensland, is set to change hands for top dollar.

Hotelier Bruce Donnachy has responded to a “knock on the door” by selling his Arundel Tavern for a figure believed to be between $35m and $40m.

The sale comes 20 years after the former miner sold his Parkwood Tavern to a Woolworths-linked group for $20m.

He built both taverns, Parkwood in 1994 and Arundel in 2000, and retains another of his projects, a Narangba tavern.

Arundel Tavern.

Inside.

The new owner of the Arundel Tavern in Napper Rd is Banora-based Paul Xu, via company Sun Tavern.

The Sun group paid $7.7m for the Helensvale Tavern in 2012 and also owns taverns at Stafford and Laidley in Brisbane.

Mr Donnachy yesterday said the Arundel Tavern was not on the market when a “knock on the door” was made by the buyer.

He said he named an asking price, which he would not reveal, and it was accepted.

The Arundel Tavern is among the top 10 gaming hotels in southeast Queensland and has 45 machines.

It has three bottleshops attached to its licence and one of those, at the Metro Plaza at Labrador, is on the market via Daniel Doran and John Nucifora, of CBRE.

Mr Donnachy, a former Tasmanian who spent five years in mining, is a joint-venture partner in The Sanctuary, a strong-selling development of 70 industrial titles in Olsen Ave, Southport.