MANTLE Group Hospitality is moving to sell the leaseholds of two of its Pig ‘N’ Whistle pubs in south east Queensland, just a few months after offloading the chain’s Redbank Bank plains venue.
CBRE’s Paul Fraser and Chloe Mason have been appointed to steer the expressions of interest campaign for the leasehold interests of the Pig ‘N’ Whistles in Brunswick St, Fortitude Valley and Indooroopilly, available individually or in one line.
The Pig ‘N’ Whistle branding will remain Mantle Group Hospitality.
Last year, Mantle sold the leasehold of the Pig ‘N’ Whistle pub in Redbank Plains to ASX-listed Redcape Hotels for $11.5 million. Managing director of MGH, Godfrey Mantle said the sale came as a result of MGH’s decision to direct its focus back to developing premium, large format food and beverage CBD venues.
Mason said that while the Brunswick Street and Indooroopilly assets both carry the Pig ‘N’ Whistle brand, they are expected to attract very different purchasers given they have vastly different attributes and price points.
Pig ‘N’ Whistle Brunswick Street has an extensive fit out is spread over two buildings and two levels, with two outdoor beer gardens, four separate bars, high ceilings and exposed brick interiors.
“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.
A 146-room Hotel Indigo opposite the pub is due for completion in July.
Pig ‘N’ Whistle Indooroopilly is located within Indooroopilly Shopping Centre and comprises 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.
Fraser said the Indooroopilly venue benefitted from the strong underlying value and upside of an additional 45 gaming authorities which have been approved. The rear of the venue is also prime for the addition of the gaming room, which would have its own designated direct entry and exit.
Expressions of interest close 26th March.