ALE to sell 3 properties for $20M

Australia’s largest hotel landlord, ALE Property Group is selling three of its Queensland pubs for almost $20 million.

According to the ALE website, Brisbane’s Kedron Park Hotel is valued at $3.4 million and Edinburgh Castle $7.5 million.

The third pub, the Sunshine Coast’s Pelican Waters Tavern is valued at $7.6 million. All three pubs can be purchased either individually or all together.

The properties will be auctioned on 31 March by Burgess Rawson.

The three properties are leased to ALH on a 25-year term to 2028 including four 10-year options to 2068.

ALH is Australia’s largest pub operator.

Sales director at Burgess Rawson Queensland, Glenn Conridge said this sale was one of the largest market opportunities in recent years and these pubs were in prime positions with significant land holdings.

“Single tenanted pubs on this scale that are on long leases to Australia’s largest pub operator ALH, don’t hit the market often,” he said.

“The Pelican Waters Tavern is a stunning waterfront pub and bistro while the Edinburgh Castle Hotel and Kedron Park Hotel offer significant high-profile main road frontages to busy Gympie and Lutwyche roads in Brisbane inner north.

The ASX-listed ALE owns the freehold of 86 pubs around Australia.

Combined value of its entire freeholding is more than $1.2 billion.

AHD - 1 March 2021