Redcape Property Trust Sells Sydney Pub For $9 Million

SYDNEY’s Bristol Arms Retro Hotel, in Sussex Street, has sold to a private investor for $9 million.

The sale translated to a net yield of 10.9 per cent. The vendor was Redcape Property Trust.

The pub (right) sits on a 437 square metre block and includes two street frontages, and 1975 square metres of gross lettable area, according to the AFR.

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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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2010 May be Big Year For Pub Sales

IF the early weeks of 2010 are anything to go by, some major hotel sales should take place this year.

Pub baron Rick Munday is offloading eight hotels in Victoria, in deals expected to reap about $50 million.

Up for grabs is Melton’s Golden Fleece Hotel, the Sugar Gum Hotel in Sydenham, the Grand Hotel in Frankston, the Cove Hotel in Patterson Lakes, and gaming venues in Carlton, Prahran and Melbourne.

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