Mackay pub The Grove Hotel has sold following Redcape Hotel Group’s recent decision to place two of its Far North Queensland pubs on the market.
A deal was settled just weeks after the large-format pubs were put on the market by HTL Property and JLL, who is jointly handling the EOI sale process. Andrew Jolliffe, property director at HTL Property – Asia Pacific Region, commented on the sale.
“We wholly anticipated there would be strong interest in the two hotels brought to market, and the successful purchaser has been rewarded for its confident approach to the opportunity the public sale process has presented.”
Chris Unger, managing director at Redcape, had indicated the likely sale of assets in a recent note to Fund investors, noting the groups ability to leverage the depth and quality of its 35-venue portfolio to selectively recycle capital through divestments.
Redcape’s portfolio is placed within a fund financially baked by MA Financial Group, which had expressed its confidence that the large landholdings and multiple revenue streams of the pub assets would attract interest from across the country.
“The two properties in Mackay represent the epitome of full service, large format hotel operations; and accordingly, the depth and breadth of interest generated for both assets in what has been a very short time frame, is not inconsistent with our expectations,” added Tom Gleeson, JLL Vice President, Investment Sales.
It was confirmed by HTL Property that the sale price achieved was in line with market guidance, but the price paid and identity of the buyer have not been revealed.
Situated on a block of approximately 11,422sqm, the remaining hotel The Shamrock offers a significant business opportunity, comprising food, beverage, gaming, retail liquor and accommodation. HTL Property and JLL are exclusively managing the sale of the The Shamrock via an EOI sale process concluding on Wednesday 13 September 2023.