Redcape refills portfolio with Brisbane pubs, bottleshops
MA Financial, on behalf of Redcape Hotel Group, has bought three metropolitan Brisbane pubs.
In Durack, Moorooka and Redbank, the assets are costing $66 million – a high 11.5 per cent blended yield.
Settlement is scheduled this month.
HTL Property’s Dan Dragicevich, Glenn Price and Andrew Jolliffe were the agents.
Redcape quick to boost book
The acquisitions are expected to contribute to a c$120m spend this financial year.
That is a turnaround for the fund which since last year divested c$130m of pubs – but at lower sub seven per cent yields.
Redemptions were also frozen nine months from July, 2023.
Its priciest new property is the Lucky Tree Tavern on 2.1 hectares at 248 King Street, Durack (story continues below).
Also highly exposed to Inala Avenue, the freehold previously traded three years ago for $15.65m.
MA has also purchased the Willow Hotel, formerly the Red Lion, at Moorooka.
With a gaming room licensed for some 30 EGMs and a bottle shop, the property last sold in mid-2018, for$2.5m.
It and the Lucky Tree were divested by Peter Braithwaite and Brendan Lawless.
The third hotel MA is buying – the Commercial Hotel at Redbank, near Ipswich, was offered by Sydney-based ex-CUB director, Peter Filipovic, and Patrick Ryan, head of Ryan’s Hotel Group.
With 24 EGMs in a gaming room, four traditional accommodation suites and an office on the second floor, this asset, 72 Brisbane Rd, previously exchanged in May, 2022, for $7m.
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