Tilley & Wills invest again in Brisbane

Simon Tilley and Nick Wills have secured a second Queensland investment in three years – again choosing Brisbane’s inner city.

The Shaftston Hotel in East Brisbane was one of three pubs in the city listed in July by Redcape Hotel Group, managed by ASX-listed MA Financial.

The freehold going concern is costing $19 million – about the price Redcape in 2020.

That seller, Delware North, paid Colin McLeod’s Oz Pub Group c$18m two years earlier.

The venue includes a gaming room with 34 electronic gambling machines, a bar and bistro

HTL Property’s Andrew Jolliffe and Dan Dragicevich were the agents (story continues below).

Their deal comes nearly four years since the Sydney pair’s Tilley & Wills acquired its maiden Queensland investment – the 132 year old Elephant Hotel, now the The Prince Consort, in Fortitude Valley – for over $20m.

For Redcape, the transaction means it has divested all three Queensland assets offered as part of a wider sell down; it had not long earlier announced it would be freezing redemptions until July.

The other two traded to Star Hotels.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.