Roche Group has divested its waterside Harrigan’s, at Calypso Bay, to Queensland hotelier Rick Adams.
Roche is the private developer of the entire $2 billion Calypso Bay master planned housing estate, which it has been creating on a 269-Ha former cane farm for nearly two decades. It built and has held Harrigan’s since 2008.
Found around 20 minutes from the Gold Coast, and less than an hour’s drive from both Brisbane and Coolangatta airports, the sprawling premise, on a huge 5,165sqm lot with 55 metres of absolute water frontage, boasts multiple bars, a modern bistro with outdoor dining, a gaming room with 11 SEQ machine authorities, function spaces, and three detached bottleshops.
It is the only hotel servicing the burgeoning community, set to be home to approximately 5,500 residents.
Looking to focus on bigger assets, Roche put the $10 million pub to market in 2024.
Marking its first time sold since its construction, the freehold going concern has been bought by private hotelier Rick Adams, who already owns and operates Gladstone’s Central Lane Hotel.
He says he’s looking forward to building on the reputation created by the Roche family, and doesn’t have big plans to change – bar the moniker.
“With a terrific building structure and outlook the hotel will only require a cosmetic refresh, which will include the food and beverage offer.
“Harrigan’s name will remain with the vendor, so rebranding will form part of the refresh.
“We aim for our refresh to embrace the beauty of Moreton Bay but also the surrounding farmlands.”
The sale comes soon after that of Cabarita’s Beach Hotel, sold by the McElhone family to the Turnbulls’ Investment Management Group (IMG).
This transaction was also through HTL Property, agents Xavier Plunkett and Glenn Price managing the sale.
“As anticipated from an asset of this calibre, the campaign attracted hundreds of enquiries and over ten formal offers from a broad spectrum of local and interstate buyers, private hoteliers and institutional investors,” offered Plunkett.
