Sun’s sizzling $ 20m sale
ONE of Townsville’s best performing privately owned pubs, the Sun Hotel, is being snapped up by a managed fund group out of Sydney for a price understood to be north of $ 20 million.
The fund’s Redcape group confirmed it has the Sun – perhaps better known locally as the Rising Sun – under contract.
The sale is awaiting liquor and gaming authority approvals.
Redcape CEO Dan Brady said they looked forward to increasing their presence here.
“We are looking forward to increasing our presence in Townsville with the addition of the Sun Hotel,” Mr Brady said.
“The hotel represents a quality asset with good connectivity to the local community. We look forward to providing the local community with a great place to socialise and enjoy quality entertainment.”
Redcape’s other pubs in the region include the nearby Hermit Park Hotel and the Shamrock and Grove hotels in Mackay.
The Sun Hotel has been owned for many years by Peter Ryan, whose family owns eight hotels in Sydney including the Paragon, Ship Inn, Republic, Miranda and Orient.
Mr Ryan acquired the Sun, along with the Maroochydore on the Sunshine Coast and Waterloo in Brisbane, when businessman John Elliott sold off 100 hotels owned by the Carlton United group in 1987.
Mr Ryan at one time was also a part- owner of the Hermit Park Hotel and developed the Rising Sun shopping centre. The shopping centre is separately owned and is not part of the current sale.
Sources say the Sun, with its 45 gaming machines, is the best performing hotel of those that remain privately owned.
Woolworths’ ALH group owns five Townsville pubs – the Vale, Dalrymple, Kirwan Tavern, Irish Finnegans and Upper Ross.
In other pub news, the owners of the historic Molly Malone’s in Flinders St have listed the hotel for sale.
The heritage- listed two- level brick building, developed between 1868 and 1899, was formerly called Tattersall’s Hotel.
Last month, the owners of one of regional Australia’s last gay pubs, the Sovereign Hotel in Flinders St, listed the property for sale or lease for $ 3.5 million.