Investment group led by David Carr makes loss on Redcliffe Tavern sale

Investment group led by David Carr makes loss on Redcliffe Tavern sale
Investment group led by David Carr makes loss on Redcliffe Tavern sale

A group of investors headed by former Yellow Brick Road owner David Carr has sold the Redcliffe Tavern and First Choice Liquor Superstore in Brisbane's north at a loss.

They sold for $14.5 million having paid $15 million in 2016.

The previous owner, Somerset Properties had bought it from Alceon for $11.5 million in 2014.

It sold in 2013 at $10.65 million.

The latest buyers, Anthony and Julian Vedelago's Wuvulu Property Investments, secured it on a yield of about 7.25% through Savills.

The 1464 square metre freestanding Anzac Avenue building sits on a 2313 square metre site.

It comprises a 643 square metre tavern and 821 square metre liquor store.

It was offered with a 20-year lease to Coles-owned Liquorland plus options to 2049.

The property was developed in 2009.

Nine Entertainment reported Carr played down the sales result and said the investor group had "come out ahead" when the deal was averaged out across a number of pub divestments.

"I don't see it as a turning point for the pub sector," Carr said.

He attributed the weaker sale result to "some uncertainty around the Coles business model in Queensland" during the sales campaign and described the property as more of a retail offering then a pub asset.

Carr runs Sydney wealth advisory firm DBR with Bernard Reilly who was also an investor in the Redcliffe Tavern.

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