Platinum Group has sold Brisbane landmark The Montague Hotel to a family-owned hospitality group from further north, as the city’s West End entertainment precinct continues to attract.
The three-storey pub – a former office building – is set on a 787sqm block, providing sports and lounge bars, commercial kitchen and bistro, gaming room with 10 machines and approval for 18, and 11 basement parking spaces.
Included in the sale transaction were three detached bottle shops.
Brisbane’s West End is one of those leading the city’s urban renewal, home to major projects such as West Village and The Lanes residential.
The Montague was sold by Peter Stark’s Platinum Group, which opened it in April 2017 after purchasing the site for $3.15 million.
“Having owned the Montague Hotel for nearly six years to the day, we would like to thank the local community for their support and patronage,” says Stark.
“We also would like to wish the new owners the best and look forward to seeing what the future holds for the hotel.”
Buying The Monty FGC for a figure believed to be around $20 million is the Central Queensland Pub Group, which already holds a collection of pubs in central Queensland, including at Blackwater, Kingaroy, Moura, Dysart, Tieri, and both the Blacks Beach Tavern and Hotel Mackay in Mackay.
“We are excited about the opportunity to acquire the operations of such a landmark Brisbane hospitality venue,” offered a spokesperson.
The asset was sold via a confidential, invitation-only process through CBRE Hotels’ Paul Fraser, who reports there is plenty of interest in SEQ hospitality.
“Opportunities to acquire high-quality freehold going concern gaming assets within a key Brisbane entertainment precinct such as the West End are increasingly limited.”
