Character pub to return to former glory
THE new owner of a Ipswich character pub will soon start renovating his hotel promising to "recreate" touches of the original establishment.
NSW publican Gerry Murphy will buy the Commercial Hotel at 72 Brisbane Rd, Redbank, after an expressions of interest campaign by CBRE Hotels' Paul Fraser and Power Jeffrey and Co's Peter Power and Andy Nason, acting on behalf of RR Holdings.
According to sources the freehold and leasehold of the pub will sell for around $6 million.
Mr Murphy said his background was in destination venues drawing people from afar with locals being the backbone of the pub.
"We will focus on good old-fashioned service with a newly built al fresco dining area and great live music each week," he said.
"We plan to renovate immediately to recreate as much of the original establishment as possible while enhancing areas with warm lighting, greenery and new furnishings."
On a 2702sq m site, the Commercial Hotel is 300m from the Redbank train station and Ipswich Motorway.
It has a sports bar with a separate TAB area, gaming room with 24 machines, indoor bistro and adjoining outdoor dining area, modern kitchen facility, walk-in bottle shop, four guest rooms and an administration office on the first floor.
Mr Fraser said the expressions of interest campaign attracted strong local and interstate interest.
"Southeast Queensland pubs are highly sought after because they don't become available very often," he said.
"The sale of the Commercial Hotel is another example of a NSW publican seeing value in the southeast Queensland pub market."
Mr Power said the gaming machines were a crucial part of the sale.
"The growth and demand for hotel assets of this calibre located Queensland's southeast corridor is underpinned by the inherent value of the gaming authorities, which in this case represents a gross value of about $4 million based on the most recent government tender results," he said.