Redcape sheds two more pubs
Redcape has sold two more pubs, this time in Sydney.
The MA Financial managed group, which temporarily froze redemptions last year, is reaping a total $73 million for the freehold going concerns – a blended yield of about seven per cent.
The priciest asset – the Vauxhall Inn at Granville, is being purchased by Orion Hotel Group, led by Myles Docker, Nick Savas and Michael Wiggins, for a speculated $42m.
Redcape paid $40m in 2018 to Bondi Asset Management, led by former Citibank director Stuart King and hotelier, Andrew Lazarus.
Orion is planning a refurbishment.
The deal comes a month since Mr Docker, Mr Savas and Mr Wiggins outlaid $28m for the Chatswood Hotel, formerly known as the Chelsea Hotel.
That seller was Rod Salmon and his son, Nate, who via Coho Property, outlaid $30.5m in 2022.
JLL’s John Musca, Ben McDonald and Kate MacDonald brokered both off-market deals (story continues below).
Wattle Grove fetches $31m
The second property Redcape divested – Liverpool’s Wattle Grove – found favour with Melbourne’s Francis Venues, formerly known as IPR Hotels, directed by father and son, Ian and Tom Francis.
The price is speculated to be $31m.
Francis also acquired South Hurstville’s Kings Head Tavern from Redcape, last year. At c$26m – that result was a $1m drop on what the vendor paid in late 2019.
Redcape was delisted in 2021.
Since last year, it has divested major assets in Sydney, regional New South Wales and Queensland. Mr Musca, Mr McDonald and Kate Macdonald, with HTL Property’s Andrew Jolliffe, marketed Wattle Grove.
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