2010 May be Big Year For Pub Sales

The listing comes after Mr Munday sells two other Victorian pub assets: the Lorne Hotel for about $20 million to business associate John Upton, and the Torquay Hotel (leasehold) for an undisclosed sum.

ALE Property Group – which is 75 per cent owned by Woolworths – is also selling a portfolio of assets in Queensland and Victoria.

For sale is Brisbane’s Stones Corner Hotel, in Stones Corner, the Royal Exchange Hotel in Toowong and the Oxford 152 Hotel in Bulimba.

In Melbourne, ALE is selling the Royal Hotel in Essendon, Mountain View Hotel in Glen Waverley, Westmeadows Tavern in Westmeadows and the Eltham Hotel in Eltham.

The hotels are each expected to sell at various prices between $4 million and $11 million.

JLL is marketing the Munday portfolio, while Burgess Rawson and CBRE are marketing the ALE portfolio.

Meanwhile, Redcape Property Group (formerly the Hedley Leisure & Gaming Fund) has sold six freehold hotels for about $57.3 million.

NLG has been offloading properties since last year, clocking up about $100 million in sales since mid-2009, the AFR reports.

Sydney’s Cabramatta Inn has sold for $21.5 million, while Mount Druitt’s Cedars Tavern in Emerton sold for just over $12 million.

Elsewhere, Redcape made about $6.6 million from the sale of the Plantation Hotel in Coffs Harbour. In Wagga Wagga, the Kooringal Hotel sold for just over $7.5 million, while in Townsville, the Bushland Beach sold for $7.2 million.

The Cairns Barrier Reef hotel sold for $2.5 million.

“These sales are part of our repositioning of the fund and all proceeds are going to reduce debt, which is helping to improve the balance sheet of the business,” Redcape chief financial officer David Charles is reported as saying in the AFR.

 

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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