Mantle Group Hospitality is moving to sell the pub leaseholds of two of its popular Pig ‘N’ Whistle venues in South East Queensland.
CBRE Hotels’ Paul Fraser and Chloe Mason have been exclusively appointed to steer the Expressions of Interest campaign, which involves the pub leaseholds of the Pig ‘N’ Whistles in Brunswick Street in Fortitude Valley and Indooroopilly.
The interests will be available individually or in one line, with the Pig ‘N’ Whistle branding to remain with the vendor.
The offering follows Mantle Group’s sale late last year of the Pig ‘N’ Whistle Redbank Plains leasehold, which was acquired by Redcape Hotel Group for $11,500,000.
“While the Brunswick Street and Indooroopilly assets both carry the Pig ‘N’ Whistle brand, we believe they will attract very different purchasers, given they have vastly different attributes and price points,” Mason said.
Pig ‘N’ Whistle Brunswick Street is located within Brisbane’s premier entertainment precinct in the heart of Fortitude Valley.
The extensive fit out is spread over two buildings and two levels, boasting two outdoor beer gardens, four separate bars, high ceilings and exposed brick interiors, encapsulating the building’s heritage.
“Given the Pig ‘N’ Whistle brand does not form part of the sale, the incoming purchaser has a real opportunity to reposition the pub immediately and tap into the local community in the surrounding Valley precinct,” Mason said.
“With the 146-room Hotel Indigo opposite the pub and due for completion in July, Pig ‘N’ Whistle Brunswick Street is primed to capitalise on an associated boost in foot traffic.”
Pig ‘N’ Whistle Indooroopilly (above) occupies a large footprint within the Indooroopilly Shopping Centre, approximately 7km west of the CBD.
It comprises several areas including a main bar, large bistro area, expansive outdoor dining, multiple function spaces and Phuc Deli-Viet – the venue’s high performing Vietnamese restaurant, which also forms part of the leasehold sale.
“Since opening 20 years ago, the venue has built an enviable profile in the city’s western suburbs,” Fraser said.
Fraser also noted that Pig ‘N’ Whistle Indooroopilly benefited from the strong underlying value of an additional 45 gaming authorities, which had been approved, offering significant upside for an incoming purchaser.
“This coupled with the strong upward trending performance of all the venue’s revenue streams is expected to drive a competitive national sale campaign,” Fraser said.
The rear of the venue is also prime for the addition of the gaming room, which would have its own designated direct entry/exit with access to Station Road.
“This is a walk-in, strong performing asset with huge immediate cash flow and there is a genuine opportunity to reposition the venue with the addition of a gaming room to maximise turnover and further boost the bottom line,” Fraser said.
“We believe the Indooroopilly and Brunswick Street assets will generate significant national buyer interest as astute operators look to secure a foothold into the tightly held South East Queensland market.”
The national Expressions of Interest campaign for the pub leaseholds closes on March 26, 2020.
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