Rockhampton pub The Ascot Hotel listed for sale

A Queensland pub that is renowned for its stone grill steak and hosts visitors from across the world is for sale.

The Ascot Hotel in Rockhampton is for sale. Picture: realcommercial.com.au

A Rockhampton pub that hosts visits from across the globe for a taste of its renowned stone grill steak is for sale.

The Ascot Hotel at 177 Musgrave St, Berserker, has been listed for sale through Harcourts Low & Co.

The venue was first established in 1883 and was known as Forresters Arms Hotel.

Will Cordwell has owned the iconic blue venue for 37 years and says “it’s time to move on”.

The Ascot Hotel owner Will Cordwell. Picture: Aden Stokes

“You can’t work forever,” he said.

Mr Cordwell has seen many changes to the industry in the last 30 years.

He said while renovating the venue in 1990 he went looking for something that was different to anything else in the hotel industry and found stone grill.

“It is unique to the Ascot in Rockhampton,” he said.

The Ascot Hotel is located at 177 Musgrave St, Berserker. Picture: realcommercial.com.au

“It gets people from all over the world.”

Just in the past week, The Ascot Hotel has seen visitors from Germany, Belgium, Switzerland, Italy and more.

Mr Cordwell said he would continue to work up until the venue had sold.

Harcourts Low & Co principal Grace Low said there had been quite a bit of interest in the venue nationally, including from the Northern Territory.

The Ascot Hotel has a drive thru bottle shop. Picture: realcommercial.com.au

“I have had about 10 serious inquiries,” she said.

“It is probably the best stone grill steakhouse in Rockhampton.”

Situated on a 2320 sqm corner block on one of Rockhampton’s most busiest streets, the property boasts five allotments, including two vacant shops that could be independently leased with an estimated return of $45,000 per annum.

There is a drive thru bottle shop at the rear of the property, which is connected to a large showroom.

Proposed artist impression of the preliminary DA approvals for the Ascot Hotel. Picture: Aden Stokes

The restaurant has a stone grill licence and gaming at the venue includes Keno, TAB and eight poker machines that could be sold with the business.

There are 10 permanently rented rooms upstairs, all on periodic leases.

Ms Low said the property also has preliminary development application approvals for a 103 room hotel.

The Ascot Hotel is for sale through an expressions of interest campaign closing May 30.

The Ascot Hotel is for sale via an expressions of interest campaign. Picture: realcommercial.com.au

“There is opportunity there to buy the whole lot or put an offer in for part of the property,” Ms Low said.

“It is a primary blue-chip location in a very strong economic area.

“Rockhampton has always had good continuous growth.

“Any astute investor should be considering it as a good landholding.”

The Victoria Tavern, at 1 & 5 Musgrave Street and 49 Bridge Street in the Rockhampton suburb of Berserker, is up for sale. Picture: Contributed

The Ascot Hotel isn’t the only pub in Rockhampton that’s looking for a new owner.

The Victoria Tavern, on the corner of Musgrave and Bridge Streets in Berserker, was listed for sale by Bencheer Pty Ltd as trustee for the Langdon Family Trust.

The venue has been owned by the Mitchell family for 44 years.

The Great Western Hotel in Rockhampton also recently sold for $2m.

Colin and Vickie Bowden bought the venue in 2014 and spent $1.6m upgrading and renovating it.

On the Capricorn Coast, The Strand Hotel recently celebrated the completion of the venue’s $2.2 million renovations under new management.

The Yeppoon venue on Normanby St changed management in February 2023 to national company Australian Venue Co, who were behind the $2.2m renovations, which included a new beer garden and main terrace and new beach bar and terrace.

Originally published as Rockhampton pub The Ascot Hotel listed for sale