AU Group pours millions into purchase of inner city pubs
Property Here - Friday, April 19, 2013
A GROUP of prominent businessmen, led by Tourism Australia chairman Geoff Dixon, has splashed out $33 million on two inner city pubs in Brisbane and Sydney.
The Australian Pub Fund (APF), which consists of Mr Dixon, investment banker Mark Carnegie, Jack Singleton, son of former advertising executive John Singleton, and businessman Allan Johnston, will now add the Elephant Arms Hotel in inner-Brisbane's Fortitude Valley and the Bristol Arms Hotel in Sydney to the group's portfolio of eight Sydney pubs.
APF chairman Mr Dixon said the company would look to invest in other regions after acquiring $65 million of new capital.
"The Elephant Arms is our first purchase outside of Sydney, but in keeping with our growth strategy we are opening an office in Brisbane,'' Mr Dixon said.
"We see the Brisbane metro area as a good fit for us and we hope to grow our Queensland portfolio over the next six to 12 months.''
APF already owns Kinselas in Darlinghurst, the Toxteth in Glebe, the Bellevue in Paddington, the Vic at Enmore, the Marlborough in Newtown, Unity Hall in Balmain as well as the Como and the Peakhurst Inn in Sydney's south.
Daily operational management of all the hotels will be undertaken by investors Paddy Coughlan and Rodney Kelly who both head the Riversdale Group.
Read more: http://www.news.com.au/realestate/investing/group-pours-millions-into-purchase-of-inner-city-pubs/story-fndbarft-1226624168678#ixzz2QsR96mIE