The Normanby Hotel in Red Hill has changed hands and its new owner has big plans for the iconic pub, after paying Queensland publican Jaz Mooney $15 million for the deal.
The new owner is said to be planning to reposition the iconic pub, which recently underwent refurbishment, and re-establish it as a market-leading venue.
Jaz Mooney, who acquired the property in 2019, sold it to Ingham-Myers last December 2022 with CBRE senior director Paul Fraser handling the sale through an expression of interest campaign.
“We are currently in the middle of a gaming boom in South-East Queensland with respect to both revenue generation and the value of gaming machine authorities,” Paul Fraser said.
“This has underpinned the tightly held nature of inner-city assets with gaming pubs becoming even more coveted as strategic investments.
“With the value of gaming showing continual growth, Brisbane’s elevated infrastructure pipeline, and the 2032 Brisbane Olympics on the horizon, the trading outlook for pubs is strong and we expect investor sentiment for these assets to remain robust through 2023.”
Normanby Hotel was built for publican Elizabeth Sophia Burton in 1890. The heritage-listed building sits on a 4,162 sqm site on Musgrave Road in Red Hill. It offers 35 gaming machine authorities, bars, restaurants, a beer garden, and function areas.
Previous owner Jaz Mooney said that he is happy to see the pub retained by safe hands and that he looks forward to what Ingham-Myers would do with it.
The Ingham-Myers also owns the Rocklea Hotel which also underwent a transformation with a newly refurbished gaming room, bistro, brand new pool table and a full-fledged TAB and sports bar.
Published 20-January-2023
