ALE banks $26m from four pubs
ALE Property Group has sold four pubs with leasebacks.
In Brisbane, the Edinburgh Castle traded for $7.5 million – on par with its recent valuation, reflecting a 4.5 per cent yield.
Also in Kedron, the Kedron Park Hotel achieved $4.5m – or $1.1m more than its recent appraisal.
Pelican Waters Tavern, at Sunshine Coast’s Caloundra, which includes a pier, sold for $10.8m, reflecting a 4.15pc return.
All the buyers are speculated to be Brisbane investors.
In Victoria, the Morwell Hotel or Top Pub earned $3.06m.
That price was $360,000 over the last valuation (story continues below).
The yield was 4.74pc.
The buyer is understood to be a Queensland investor.
Burgess Rawson’s Billy Holderhead, Pat Kelly, Michael Gilbert and Glen Conridge represented ALE.
All the hotels were offered with leases to ALH Group expiring in 2028 with options to renew for up to 40 years.
The tenant is 85.4pc owned by Endeavour Group/Woolworths, the balance is held by Bruce Mathieson Group.
However spin off to create a $10 billion entity is scheduled in June.
