Brisbane’s The Elephant Hotel sells for $20m to Sydney duo
John Singleton's Australian Pub Fund has sold The Elephant Hotel in Brisbane’s Fortitude Valley for just over $20 million, according to a report in the Australian Financial Review.
The sale to Sydney operators Simon Tilley and Nick Wills marked a rare loss for Singleton’s pub fund which paid about $27 million for the historic four-level venue in mid-2013. According to the AFR, declining trading revenues were behind the lower sale price.
Put on the market in October last year, The Elephant Hotel was the last remaining Queensland freehold pub owned by the fund.
Speaking to the AFR, JLL’s Tom Gleeson said the new owners are “excited to bring their distinct style to the icon that is the Elephant Hotel and capitalise on the long-term prosperity of the Fortitude Valley Precinct".
Sheridan Randall, 18th February 2020
