Redcape buys historic Brisbane pub
Redcape Hospitality has snapped up the c1864 Plough Inn in South Brisbane’s South Bank.
The 89 year leasehold deal is worth a speculated $40 million.
SEQ Hospitality Group, part owned by Sydney Roosters chairman and prestige car dealer, Nick Politis, was the seller.
SEQHG seized control with its takeover late last year (finalised in February) of Eumundi Group.
The hotel was listed for sale March with The Court House, at Mitchell.
The Plough Inn
On 984 square metres, known as Building 29 Stanley Street Plaza and 153 Stanley St, the Plough Inn contains a bar, bistro, sports bar and beer garden.
There also four function areas.
Leased until 2032 with four 10 year options, the annual rent is $1,236,721 ex-GST.
South Bank is one of Australia’s most popular destinations with c14 million annual visitors, according to Savills marketing agents, Leon Alaban and Joseph Ganim.
The deal comes two months since the MA Financial managed Redcape outlaid $30m for the Orion Hotel, part of Mirvac’s Springfield Central.
In April, the asset manager bought four Sunshine Coast pubs, spending c$80m.
This investment included a total 128 electronic gambling machines.
Also this year Redcape bought Flagstone Tavern, for $15m.
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