Australia’s largest pub landlord, ASX-listed ALE Property Group, has put four of its smaller pubs in Queensland and Victoria up for sale.
The Australian Financial Review Larry Schlesinger posted the report last week, citing the book value of the four pubs at just over $21 million. Brisbane’s Kedron Park Hotel and Edinburgh Castle Hotel, as well as the Pelican Waters Tavern in Caloundra on the Sunshine Coast and the Top Pub Hotel in Morwell in regional Victoria are all up for sale.
All are leased until 2028 to the country’s largest pub operator, ALH – 85.4 per cent owned by Endeavour Drinks. Endeavour Drinks also has an 8.7 per cent stake in ALE Property Group.
ALE Property Group owns 86 quality freehold pubs around Australia adding up to a portfolio of $1.23 billion.
ALE’s four-pub offering will form part of a $100 million Burgess Rawson portfolio auction of 27 properties scheduled for March 31.
“We expect plenty of interest in these [pub] properties, especially as Endeavour Group – Australia’s largest hotelier and liquor retailer – announced a 335 per cent rebound in the ALH Group half-year profit last month,” said Burgess Rawson director Raoul Holderhead.