Star Hotels snares two assets from Redcape

The Grove includes 45 electronic gambling machines.

Redcape Hotel Group has sold two of three Queensland pubs listed from July, when manager MA Financial announced it would freeze redemptions until December.

In the biggest deal, The Grove Hotel (pictured, top) at Andergrove, seven kilometres north of Mackay, is trading for $17.5 million.

Redcape purchased The Aspley in 2020.

On 1.96 hectares, it returns $200,000 a week from a recently refurbished bistro, dining room, function spaces and dual lane drive-through bottle shop.

It also contains a gaming room with 45 electronic gambling machines – themselves said to have an underlying value totaling $8.5m.

In Brisbane’s north meanwhile, the Aspley Hotel, with 40 EGMs and a bottle shop, traded for $10.5m – about what Redcape paid US based Delaware North in 2020.

Both properties sold to Eagle Farm based Star Hotels – a major Queensland pub investor and operator – for prices in line with market value (story continues below).

One to go

Redcape was delisted in mid-2021. MA Financial, which manages funds worth over $1.4 billion, is its biggest shareholder with 39pc.

HTL’s Andrew Jolliffe and Brent McCarthy with JLL’s Ben McDonald and Tom Gleeson brokered the Mackay deal. The agents are also spruiking the Shamrock Hotel in the area for Redcape – speculated to carry c$30m price hopes.

Savills’s Nick Lower meanwhile negotiated the Aspley deal.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of