For the first time in more than three decades, heritage-listed Pineapple Hotel hits the market and experts expect the Kangaroo Point sale to break records.
The 2,947sqm property, touted as one of Brisbane’s last “independently owned A-Grade hotels”, offers expansive redevelopment and value add opportunities. The two-storey hotel is a top 200 gaming venue with 35 machines – current value estimated to be about $10 million – and the ability to increase to 45.
The Singleton family who has owned the Pineapple Hotel for more than thirty years has decided to offload the property, offering it either as a leasehold or freehold going concern. Pundits predict the sale could break the record set when the Stock Exchange Hotel was acquired by the Australian Pub Fund in 2013 for $35 million.
Bars, steakhouse, function rooms, onsite and detached bottle shops and a glass house beer garden comprise the well-balanced mix of trades featured at the hotel.
First opened in 1864, the Pineapple Hotel was built as a wooden house fronting the formerly Ipswich Road. The house was replaced by the currently existing building between 1886 and 1887 which was designed by John Hall and Sons. The hotel is situated near Raymond Park which then was a pineapple plantation, thus aptly naming it Pineapple Hotel.
Given its proximity to the Gabba Cricket Ground, the hotel became a popular spot for sports enthusiasts and served as a home base for a number of sporting teams.
The Pineapple Hotel has changed hands and underwent alterations and renovations several times over its 158-year history. The Singleton family acquired the asset in 1990 and also made extensive renovation and restoration of the hotel.
The Expression-Of-Interest campaign closes on 30 June 2022.
