Redcape Hotel Group purchases Pig N Whistle Redbank Plains
Redcape Hotel Group purchases Pig 'N' Whistle Redbank Plains
| 5 August 2019
The leasehold of the Pig ‘N’ Whistle Redbank Plains has been acquired by the ASX listed Redcape Hotels for $11,500,000.
CBRE Hotels’ Director Paul Fraser managed the off-market sale of the Queensland leasehold on behalf of Mantle Group Hospitality (MGH).
Managing Director Godfrey Mantle said; “MGH is thrilled with what we have achieved in two years at Redbank Plains, with the design, construction, delivery and operation of a very successful pub. Similarly, working within a thriving local community certainly aided in building a successful business, which will service the region for years to come.”
Mr Mantle added; “The sale comes as a result of MGH’s decision to direct its focus back to developing premium, large format food and beverage CBD venues.”
The Pig ‘N’ Whistle Redbank Plains venue occupies a large, 1,350sqm corner site, approximately 12km from the Ipswich CBD. It comprises a main bar, sports lounge, large bistro area, expansive outdoor dining area, multiple function spaces and a gaming room with 41 authorities.
CBRE Hotels’ Mr Fraser said the off-market sale highlighted the firm’s ability to match the strategic imperatives of vendors and prospective purchasers.
“Since opening in early 2017, Pig ‘N’ Whistle Redbank Plains has built an enviable profile state-wide, particularly in relation to its gaming ranking,” Mr Fraser said.
“It is one of Queensland’s top 10 individually owned gaming pubs according to Max Gaming, with 41 gaming authorities providing strong underlying value, complemented by the first class fit out undertaken by MGH.”
The pub is situated in the Town Square Redbank Plains Shopping Centre, a prime retail centre anchored by Coles, Woolworths, Aldi and Target as well as a range of specialty stores.
The Queensland CBRE Hotels brokerage team currently has finalised or agreed in excess of $200 million in sales since January 2019, highlighting the sharp rise in confidence and renewed buyer activity in the hotel market.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.