Historic Toowoomba pub sold to Hallmark Group - CBRE, Power Jeffrey & Co
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Historic Toowoomba pub sold to Hallmark Group - CBRE, Power Jeffrey & Co
Historic Toowoomba establishment The Spotted Cow has been sold to the Brisbane-based Hallmark Group in a deal negotiated by CBRE Hotels’ National Pubs Director Paul Fraser and Power Jeffery & Co Partner Peter Power.
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CBREThe Spotted Cow in Toowoomba.
A sale more than 20 years in the making has been negotiated in the Darling Downs, with Queensland hospitality owners Mick and Dianne Coorey calling time on their stewardship of Toowoomba's Spotted Cow.
Offering diversified income streams from bar, food, functions, entertainment and 20 gaming machines, the historic venue occupies a commanding corner position on the main street of Toowoomba in an area that is set to benefit from significant new development projects.
CBRE Hotels’ National Pubs Director Paul Fraser and Power Jeffery & Co Partner Peter Power negotiated the sale of the freehold going concern asset to the Brisbane-based Hallmark Group.
At a glance:
- Toowoomba's Spotted Cow hotel has been sold to the Brisbane-based Hallmark Group after more than 20 years of ownership from Mick and Dianne Coorey.
- The historic venue occupies a commanding corner position on the main street of Toowoomba in an area that is set to benefit from significant new development projects.
- The transaction was negotiated by CBRE Hotels’ National Pubs Director Paul Fraser and Power Jeffery & Co Partner Peter Power.
Mr Power said the transaction heralded the beginning of a new era for the Queensland institution, which has been overseen by the Coorey family for the past 24 years.
“Plans are in place with the new owners to present a new offering which will take the hotel to another level, in keeping with modern, up-to-date industry standards for on-premise hospitality and entertainment," he said.
According to Mr Fraser, the sale represented the first Queensland pub transaction negotiated and settled entirely during Australia’s COVID-19 lockdown period.
Source: CBRE Hotels
“Whilst the asset is not currently trading, this sale highlights the appetite astute buyers have to acquire and reposition long-established pubs with strong underlying values,” he said.
"The transactional market had also been buoyed by interest from non-big four bank lenders seeking to invest in the asset class.
“The recent emergence of these second-tier lenders has given purchasers another avenue to raise capital in an area that has long dominated by the big four banks.
Source: CBRE Hotels
“The competition for finance has been heating up over the past six months, with purchasers now having multiple options available to secure prized assets.”
Toowoomba is Australia’s largest inland provincial city and the major regional service centre for the Darling Downs and Lockyer Valley farming and grazing industries, as well as the Surat Basin coal mining region and extensive LNG operations and development projects.
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