pub sale – realestatesource https://www.realestatesource.com.au Commercial and residential property news Wed, 23 Sep 2009 14:31:26 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.5 https://www.realestatesource.com.au/wp-content/uploads/2024/03/rsfav-100x100.png pub sale – realestatesource https://www.realestatesource.com.au 32 32 Receivers For Ryan Hotel Group List Queensland Pubs For Sale https://www.realestatesource.com.au/receivers-for-ryan-hotel-group-list-queensland-pubs-for-sale/ Wed, 23 Sep 2009 14:31:26 +0000 http://realestatesource.com.au/wordpress/receivers-for-ryan-hotel-group-list-queensland-pubs-for-sale.html
RECEIVER McGrath Nichol will sell two Queensland pubs, on behalf of the Ryan Hotel Group.

Up for grabs is the Del Plaza at Southport, and the Grinning Dog Tavern at Maroochydore. Earlier this year, six other Ryan Hotel Group hotels were put to the market including the Woombye, Maryborough and Roma. Ryan collapsed in July. The properties are distressed sales, and the prices are undisclosed.

Director of advisory firm and agency Power Jeffrey, Peter Power, told The Australian "there haven't been many good quality hotels on the market for the past 18 months, and as valuers we are having great difficulty because we have no (sale result) evidence to work off".
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But he said many of the industry veterans which sold out of the market in the mid 2000s, are returning to the market, seeking a bargain buy.

]]> Hedley Gaming & Leisure Sells Three Sydney Pubs https://www.realestatesource.com.au/hedley-gaming-a-leisure-sells-three-sydney-pubs/ Wed, 23 Sep 2009 14:10:00 +0000 http://realestatesource.com.au/wordpress/hedley-gaming-a-leisure-sells-three-sydney-pubs.html 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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The Hedley Fund is carrying about $745 million in debt, according to the AFR and is offering 32 pub freeholds for sale, managed by the listed National Leisure & Gaming Group.

]]> Woolworths-owned ALH Pays $19 Million For St Albans Hotel https://www.realestatesource.com.au/woolworths-owned-alh-pays-19-million-for-st-albans-hotel/ Wed, 09 Sep 2009 13:40:02 +0000 http://realestatesource.com.au/wordpress/woolworths-owned-alh-pays-19-million-for-st-albans-hotel.html AUSTRALIAN Leisure and Hospitality Group is reported to have paid $19 million for the St Albans Hotel in Melbourne's west.

ALH, which is three quarter owned by Woolworths, is expanding its portfolio in light of new Victorian government requirements that a single operator owns no more than 35 per cent of the State's gaming machines, by 2012. ALH, which owns more than that, is expected to sell off properties and machines within its portfolio, before that time.

]]> ALH swooped on the hotel after an $18 million deal to pub baron Rick Munday did not settle, the AFR reports.

TJ Board director Terry Board marketed the pub, which sold on a multiplier of about 10.5 times earnings.

Mr Munday told the AFR he is in negotiations to buy the Diamond Creek Tavern from the Collingwood Football Club. He said negotiations to buy Port Melbourne’s Beach Hotel failed, after the Victorian Civil and Administrative Tribunal questioned the hotel’s liquor licence.

]]> Southern Cross Hotel, Near South Melbourne Market, For Sale https://www.realestatesource.com.au/southern-cross-hotel-near-south-melbourne-market-for-sale/ Sun, 30 Aug 2009 13:12:04 +0000 http://realestatesource.com.au/wordpress/southern-cross-hotel-near-south-melbourne-market-for-sale.html THE pocket around South Melbourne Market may see yet another crane, if developers buy the Southern Cross Hotel on the south-west corner of Cecil and Market streets, on the suburb border of Southbank.
 
The double-storey hotel will be sold later this year with vacant possession, meaning prospective hotel operators will have to compete with developers, who could propose a medium or high density apartment tower for the site. It is expected to sell for about $2 million.

]]> The Southern Cross Hotel abuts the Novak panel beater portfolio of properties, which was put to the market last year for about $20 million, but failed to sell. It is also opposite the former Spotlight retail building, which sources say will soon make way for an Aldi store, and Dan Murphy’s.
 
Rosin Smyth & Partners selling agent Martin Smyth said the Southern Cross Hotel will be sold with a licence and footpath trading permit.

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