Redcape has announced more new ground in south-east Queensland, taking the deeds of Brisbane landmark the Plough Inn.
An historic, heritage-listed pub on the bank of the Brisbane River, The Plough was established in 1864.
The title was held by Eumundi Group, under the control of SEQ Hospitality Group, headed by Sydney Roosters chairman and rich-lister Nick Politis, as part of his Fortitudo Group.
A passive asset, operated by Craig Shearer’s Kickon Group, it was listed earlier this year along with the Court House at Murwillumbah.
Located in the heart of South Bank, one of the city’s busiest precincts, The Plough is known for its idyllic beer garden and does high-volume trade in food and bev year ‘round.
“Plough Inn has been part of Brisbane’s story for well over a century,” offers Shearer.
“Our team has been proud to contribute to that history and we’re pleased to hand the reins to Redcape, who we know will continue to honour and grow the pub’s place in the community.”
MA Redcape Hotel Fund (Redcape) has been aggressively building its portfolio in the state this year, which saw it acquire both the Prince Consort in Fortitude Valley and Saltwater Creek Hotel for a combined $66 million in February, and the Orion Hotel in Springfield for $30 million in August, as it also announced a $50 million capital raise.
The group has now paid Eumundi and Kickon around $40 million for the restapled head lease and sub-lease at The Plough.
This builds on Redcape’s momentum into SEQ, where it sees long-term returns for investors, and comes as it posts a record quarterly distribution for September, with 21 per cent year-on-year growth in earnings.
Acknowledging its long-term “consistent success” Redcape MD Chris Unger congratulates Kickon for a “fantastic legacy”. The riverside venue is expected to be an ideal addition to the portfolio and Unger told PubTIC they aren’t planning much beyond sustaining its appeal.
“We think The Plough is pretty good just the way it is, so there won’t be much need for change.
“But it does a lot of work and sees a lot of people come through its doors, so it gets worn. We will simply give it a refresh and see if we can pick up a few improvements along the way.”
The multi-party transaction was managed by JLL Hotels’ Tom Gleeson and Savills’ Leon Alaban and Joseph Ganim, as the value of hospitality real estate transactions across the country cruises past the annual average, approaching $1.8 billion.
“This sale further highlights the strong demand for pubs across south-east Queensland,” Alaban says.
“2025 has proven to be a particularly active year for the sector, and we anticipate this momentum will continue – and potentially strengthen – throughout 2026.”
