Emu Park Pine Beach Hotel sells to Paul Weightmen’s Venu Hospitality Fund

The sale of an iconic regional Queensland pub has seen a multimillion dollar price tag, the first time it has been on the market for 30 years. See who the new owners are.

The Pine Beach Hotel was put on the market for the first time in more than 30 years.

Emu Park’s Pine Beach Hotel Motel has sold for the first time in more than three decades.

Known as the “Piney”, the town’s only pub sold for $7.2 million in March to a Brisbane-based investment start-up firm, Venu Hospitality Fund.

The sale included both the freehold property and business operations.

The last time the pub sold was in 1989, for $1.4 million.

An old photograph, date unknown, of Emu Park's Pine Beach Hotel.

Venu Hospitality Fund is headed by Paul Weightman, who was formerly CEO and founder of Cromwell Property, under his Stara funds management company.

Other assets in the company include bars, restaurants and hotels in Brisbane and south-east Queensland, The Beachmere Hotel, Madame Wu, Casa Cibo and Chu the Phat, and pubs operated by Raw Group; Beach House Hotel Scarness, Duporth Tavern Maroochydore, and Stock Exchange Hotel.

Investors are being recruited and can look to receive a 7.5 per cent distribution yield and forecast annual of more than 10 per cent.

The site includes the Pine Beach Hotel and three properties.

In addition to the hotel, the company also purchased three surrounding properties, which were also owned by the previous hotel owner - 6, 8 and 12-14 Emu St - for $3 million.

A real estate listing for the sale of the hotel stated the venue had an annual turnover of $6 million, plus gaming, and catered to a combined population from Emu Park, Zilzie and Kinka Beach of about 6000 people.

Features of the hotel include bars, TAB, bistro, 12 gaming machines, drive-through bottle shop, large beer garden and outdoor entertainment area, three motel units and manager’s accommodation.

There is also an existing development approval over the site from 2009, for a multi-unit and commercial development, which is valid until October 2024.

The plans show three and four storey buildings over a basement carpark with a hotel, shops and 21 units.

Originally published as Emu Park Pine Beach Hotel sells to Paul Weightmen’s Venu Hospitality Fund