Redcape Expands Queensland Holdings with $22m Pub Buy

Australian pub and hotel operator Redcape has expanded its Sunshine state asset base, acquiring a $22 million Townsville Pub.

The Rising Sun Hotel acquisition marks the fifth Queensland hospitality based holding for Moelis-backed Redcape, who already hold a substantial hotel and pub portfolio in New South Wales.

Redcape chief executive Dan Brady described the Townsville purchase as “a quality asset” as the company continues to focus on purchasing strategically located free-hold hotels along Australia’s eastern states.

“This accretive acquisition follows our recent successful purchase of the Andergrove Tavern in Mackay and is in line with our disciplined approach to acquiring quality assets that generate shareholder value,” Brady said.

Related reading: Boyuan Sells Penrith Pub for $16.5m

It’s been a busy few months for Ray White Asia Pacific director Andrew Jolliffe who brokered the sale. Jolliffe has racked up more than $100 million worth of freehold hospitality transactions across Australia in the past week.

Earlier this month Jolliffe managed the landmark Bondi beach Icebergs restaurant on a $15 million deal owned by advertising mogul John Singleton, Jolliffe also handled the Banksia Hotel deal in Rockdale Sydney for $26 million.

Vendor Peter Ryan, a well-known hotel in the Far North region, sold to Redcape after 30 years of ownership. The hotel sits adjacent to a Coles anchored shopping centre.