Former Cromwell property boss Paul Weightman’s pub and grub fund has snapped up the Comiskey Group’s Beachmere Hotel in south-east Queensland for an undisclosed sum.
Weightman launched Venu Hospitality Fund this year with an aim to tap into self-managed super funds looking for hospitality exposure with a gross asset of value of $80.6 million.
Venu Hospitality Group has been on a spending spree in south-east Queensland and the Beachmere Hotel will join a portfolio that includes Beach House Bar and Grill chain, Casa Cibo at Chermside and Madame Wu and Chu the Phat in central Brisbane. The group has also recently acquired the Pine Beach Hotel in central Queensland.
“We thank the Comiskey Group for the opportunity to become the new custodians of this vital community asset,” Weightman said.
“The Beachmere community is anticipated to grow substantially over the medium term, and we are delighted to secure such a modern and family friendly asset to add to our portfolio.”
Weightman was targeting hospitality assets in south-east Queensland because they offered growth upside, and could capitalise on the lead-up to the 2032 Brisbane Olympic Games.
He has indicated it would be an aggregate and exit strategy, and he planned to add further freehold pubs to his portfolio.
Comiskey Group director Rob Comiskey said they built the Beachmere Hotel and its adjacent shopping village and childcare centre in 2009. The property was listed for sale with HTL Property in May 2021.
“We are sorry to see the venue go, it has been a great asset,” Comiskey said.
“Beachmere Hotel was one of our first pubs so it also holds a lot of sentimental value for my family too, but we are excited to see what Venu Hospitality Group do with the hotel.”
Comiskey Group opened a garden-themed hotel near Noosa last month, and has a few more irons in the fire with a 150ha festival site and Aura Hotel on the Sunshine Coast, and a large indoor sport and pub slated for Strathpine, north of Brisbane.
Article source: Queensland Property Investor