Cornerstone Receivers Sell Two More Hotels

Great Northern, Carlton NorthRECEIVERS for pub group Cornerstone may have recovered another million from the sale of two pubs, put to the market last month, and after Collingwood’s “Tote” hotel failed to find a buyer.
The Great Northern, at the corner of Rathdowne and Pigdon streets in North Carlton, is believed to be under contract for around $750,000, sources say, to a pub operator who will manage the refurbished hotel, and its popular 140-seat outdoor beer garden.
Office space on the second level of the Great Northern, previously occupied by Cornerstone as offices, may be relet to tenants, or incorporated as part of a hotel extension, sources have speculated.

Read more

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).

Read more

Abacus Sells Two Queensland Hotels For $34.2 Million

ABACUS Property Group has offloaded two Queensland hotels for $34.2 million to Rydges Hotel’s Amalgamated Holdings Limited.

The hotels include the Rydges Gladstone and Townsville hotels, and were sold by the Abacus Hospitality Fund.

The purchases follow a spending spree last year, in which AHL paid the Raptis Group and City Pacific’s CP1 $56.5 million for the Gold Coast International hotel. It also paid Selpam and FKP $22 million for the Port Douglas Sabaya Resort.

Read more

ALE Property Group to Sell Seven Australian Hotels, as Part of $120 Million Asset Divesting

ALE Property Group has earmarked for sale seven hotels in Queensland, South Australia and Victoria in the first tranche of a strategic asset sales program targeted to divest $120 million worth of assets over the next 12 months.

CBRE Hotels and Burgess Rawson have been appointed to steer the sales process, which involves landmark hotels leased to Australian Leisure & Hospitality Group (ALH), which is 75% owned by Woolworths Limited.

The sale follows the highly successful June 2009 auctions of five ALE hotels in Sydney and Melbourne, which were sold under the hammer for a combined $27.8m at yields as low as 5.05%.

Read more

ALH Sells Four Melbourne Pubs For $29.85 Million

FOUR Melbourne hotels have changed hands at auction today, in deals worth $29.85 million.

Glen Waverley’s Mountain View Hotel sold for $10.9 million, on a yield of 6.95 per cent, while the Eltham Hotel at Eltham sold for $7.9 million (on a 6.43 per cent yield).

Essendon’s Royal Hotel sold for $6.785 million (6.27 per cent yield) while the Westmeadows Tavern, also in Melbourne’s north-west, sold for $4.4 million on a 6.2 per cent yield.

Read more

Victorian Government Relaxes Licensing Fees and Requirements For Live Music Venues

RE-ENACTING the famous AC/DC video It’s a Long Way to the Top If You Want to Rock & Roll – more than 20,000 music fans protested around a truck up Melbourne’s Swanston Street yesterday, asking for a fairer deal for the city’s large live music scene.

In a bid to tackle growing alcohol fuelled violence on the streets, the government recently increased licensing fees and extra security requirements for venues that provide live music.

The decision resulted in a flurry of pubs being put to the market, with others – including Collingwood’s popular Tote – closing their doors.

Read more

Cornerstone Administrators Close to Selling Remaining Pub Portfolio

COMPUTERSHARE boss Chris Morris is in negotiations to buy nine Victorian hotels, the remaining properties in a portfolio being offloaded by the beleagured Cornerstone Hotels group.

The properties include South Yarrra’s Botanical, Brighton’s Half Moon Bay, Kew’s Skinny Dog, Prahran’s Lucky Coq, Fitzroy’s Bimbo Deluxe and Collingwood’s The Tote – which are all close to sale for an as-yet undisclosed sum.

Mr Morris has owned Victoria’s popular Portsea Pub since 1999. Last year he purchased the Empire Beer Group, which gave him ownership of the Royal in East Perth, and a new brewery in Margaret River.

Read more