The group has entered a two-year lease over the property with the option to buy the freehold of the prominent hotel.

CBRE Hotels’ Director Paul Fraser managed the sale process on behalf of Michael Dempsey and Otto Wilhelm, who have co-owned the asset for over a decade.

Jaz Mooney, Managing Director of Pelathon Management Group has commented that the pub will be closing for approximately four months, to undertake a full refurbishment from top to bottom. "She is an old beauty that we will restore back to her former glory.”

The Normanby Hotel occupies a large 4,162sqm site and consists of a multi-level hotel with 35 gaming machines and a major car park. It has dual street frontages and is situated just two kilometres from the Brisbane CBD.

CBRE’s Mr Fraser added that, “The Normanby has an esteemed history and one that I’ve been personally involved with for over 15 years. Pelathon’s plans will reinvigorate the asset as one of Brisbane’s top pubs and ensure its position as one of the city’s hospitality icons.”

See other sold pubs in QLD:

Grand Hotel in Cairns sold to Pelathon for $8.5m