THE Barrier Reef Hotel at the corner of Abbott and Wharf streets in the Cairns CBD has been sold.
Vendors, the Redcape Property Fund, formerly Hedley Leisure and Gaming, confirmed it had been sold to a North Queensland publican for $2.5 million.
While a confidentiality clause prevented the name of the buyer from being released, it is known that he already owns two pubs in North Queensland.
The Barrier Reef was one of six Redcape pubs sold, netting a total of $57.36 million.
The money is expected to be directed towards easing the group’s large debt to asset ratio.
Other pubs sold included the Bushland Beach at Townsville ($7.2 million), the Plantation at Coffs Harbour ($6.6 million), the Cabramatta in Sydney ($21.5 million), Mt Druitt in Sydney ($12.05 million) and the Kooringal at Wagga Wagga ($7.51 million).
The company changed its name from HLG to Redcape last year, following the collapse of major investor and Cairns businessman Tom Hedley’s private company.
The sale marks the end of an era for the well-known pub, which was part of the Hedley empire for a
decade.
While hardly a trendy night-spot, the Barrier Reef has the feel of an old-style Queensland working class pub, the type frequented by sailors, railway workers and cane cutters.
The pub "celebrated" its 80th birthday three years ago.
Some other Hedley pubs in Cairns included the Red Beret at Redlynch, the Commercial Hotel at Gordonvale and the Barron River Hotel.
Mr Hedley’s involvement with his publicly listed entity ended last year, when his private empire collapsed and his shares were seized.
