Big year for pub sales anticipated
Publican Rick Munday is offloading eight Victorian hotels – a portfolio worth c$50 million.
Up for grabs is Melton’s Golden Fleece Hotel, the Sugar Gum Hotel in Sydenham, the Grand Hotel at Frankston, Cove Hotel in Patterson Lakes, and gaming venues in Carlton, Prahran and the city.
The listing comes after Mr Munday offloaded the Lorne Hotel to business associate John Upton, and the Torquay Hotel (leasehold).
ALE joins race
ALE Property Group – which is 75 per cent owned by Woolworths – is also marketing a portfolio of pub 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, it is offering Essendon’s Royal Hotel, the Mountain View Hotel in Glen Waverley, Westmeadows Tavern at Westmeadows and the Eltham Hotel.
The venues are each expected to sell at various prices between $4 million and $11 million.
JLL is marketing the Munday portfolio, while Burgess Rawson with CBRE are promoting the ALE portfolio (story continues below).
Redcape sells six
Meanwhile, Redcape Property Group (formerly the Hedley Leisure & Gaming Fund) has sold six freehold hotels for about $57.3 million.
NLG has been marketing the properties since last year, clocking up about $100 million in sales since mid-2009.
Sydney’s Cabramatta Inn has sold for $21.5 million, while Mount Druitt’s Cedars Tavern in Emerton exchanged for just over $12 million.
Elsewhere, Redcape made about $6.6 million from the Plantation Hotel in Coffs Harbour.
In Wagga Wagga, the Kooringal Hotel traded 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 said.
