Redcape Hopes to Recover $24 Million From Pub Sales

ASX listed Redcape Property Group will sell two large pubs including the Kirra Beach Hotel in the Gold Coast, and the Lakeview Hotel in Illawarra, in New South Wales.

Redcape, the new name for the Hedley Leisure & Gaming Property Fund, is expected to make about $24 million from the sales.

Recently Redcaoe offloaded the Mountain Creek Tavern at Mountain Creek on the Sunshine Coast for $7.25 million, and the Wattle Grove Hotel in Sydney’s Wattle Grove (for $8.6 million).

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Hedley Gaming & Leisure Sells Three Sydney Pubs

SYDNEY’s Canterbury Hotel is believed to be close to sale for about $8.85 million, while the Lidcombe Hotel – also in the city’s west – is believed to be selling for about $6.6 million.

The hotels, being offered by the Hedley Gaming & Leisure Fund, are part of a $400 million portfolio of assets believed to be on the market.

A third Sydney pub, the Bridgeview Hotel in Willoughby, near the Channel Nine studio, is also believed to be close to sale, for about $7.5 million.

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