Redcape buys Brisbane growth corridor pub
MA Financial managed Redcape Hospitality has swooped on a 10 year old pub, part of Mirvac’s Springfield Central shopping centre, in Brisbane.
The two level Orion Hotel with a bar and bistro – able to accommodate large functions – and gaming room with 35 electronic gambling machines, cost $30 million.
Vendor, operator Jim Davies, opened it new 10 years ago.
The area forms part of a growth corridor nearly 30 kilometres south west of the CBD.
CBRE’s Paul Fraser with JLL’s Tom Gleeson were the agents.
The deal comes a day after we reported the Panorama Motel Bathurst sold off-market between publications, for c$25m.
Orion Hotel
The Springfield asset can also support live music.
“The Orion is a very attractive bolt on to the portfolio,” Redcape managing director, Chris Unger, said.
“The venue enjoys a high volume of passing foot traffic and is well supported by the local community and we are looking forward to being a part of it,” he added.
Redcape is now seeking backers – launching a capital raise targeting $50-$70m.
“Th additional equity will be used to fund the accretive acquisitions and additional growth capex, aimed at enhancing the fund’s return for investors,” according to Mr Unger.
“As a result, Redcape has increased its FY26 target distribution to 11.25 cents per unit providing a distribution yield of 7.5pc on the new equity raised plus any capital growth,” he added.
Subscribe to our newsletter at the bottom of this page.
