Sydney-based Irvin Hotel Group buys the Coolangatta Sands Hotel in what is the biggest southeast Queensland freehold pub deal of year

One of the Gold Coast’s most iconic pubs has a new owner following a deal worth up to $18 million with a NSW-based buyer, in a move that could see the site accommodate a 23-storey development.

An aerial of the Coolangatta Sands Hotel.

A SYDNEY-based hotelier has snapped up one of the southern Gold Coast’s better known pubs, boosting his family’s strong presence in the Sunshine State.

Joe Irvin of the privately owned Irvin Hotel Group is believed paid between $16 million and $18 million for the multistorey Coolangatta Sands Hotel after a campaign by HTL Property.

The property was previously owned by the Taphouse Group — linked to the founders of marketing company Salmat, Philip Salter and Peter Mattick.

Southern interest expected in the Coolangatta Sands Hotel

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HTL’s Glenn Price, refused to comment on the actual price, but said the sale represented the highest price paid for a southeast Queensland freehold hotel asset this year.

“It underpins our view that significant hospitality assets in gateway or tourism centric regions are as irreplaceable as they are in demand,” he said.

HTL Property’s Dan Dragicevich said the campaign produced eight qualified offers from a range of interstate private and managed fund based investors.

“The sale of the Queensland domiciled property to a Sydney-based group continues the theme of cross border investment gaining popularity, highlighting the deep confidence proponents of both equity and debt have in the asset class,” he said.

“We’re buoyed by the level of interest the Southern States of both NSW and Victoria had in the asset, and consequently the market remains focused and if anything, now appears to us emboldened by the clarity the political and economic topography consequently provides all participants.”

On on a 1067sq m site the property has a potential development upside of 23 storeys.

Previously the Kirrabelle Hotel, the current building on the corner of Griffith and McLean streets, was built around 1926.

The Taphouse Group bought the hotel in 2005 for just under $11 million.

Originally published as Sydney-based Irvin Hotel Group buys the Coolangatta Sands Hotel in what is the biggest southeast Queensland freehold pub deal of year