Former pub game high-flyer Tom Hedley is working his way back to prominence, cornering the market in the north Queensland precinct of Gordonvale, south of Cairns.
After years building a sizeable empire, Hedley sold his Hedley Hotel Group to Coles Myer P/L in 2006 for a tidy $328 million.
The Queensland portfolio counted 35 hotels, 102 retail liquor outlets, and sites for a further 17 botteshops, significantly boosting Coles’ expansion into the State.
Hedley went on to form Hedley Leisure and Gaming, later renamed Redcape Property Group (RPG), and operational entity Hedz, which worked 12 of Redcape’s assets.
The GFC brought turmoil to the heavily leveraged Redcape vehicle and its tenants, and the failure of Hedz and later NLG took RPG into dangerous LVR territory. Its $700+ million loan facility through nine major lenders eventually fell prey to opportunist capital from Goldman Sachs, starting the group down the path that saw its sale to Värde and York Capital, then to Moelis, and successful ASX listing last November.
More recently, ‘Barramundi Tom’ as he is known, for his reputation as a tough fighter in the school of business, has focused on Gordonvale, purchasing all three of the precinct’s pubs, the Ye Olde Gordonvale Hotel, Parkview Tavern and Great Northern Hotel.
The Ye Olde Gordonvale, more recently notorious for its topless waitresses, was built 1899. In August Hedley shut it down, to focus trade at the other two. It is likely destined for use as accommodation, entertaining a proposal for a new low-rise structure of around 20 rooms.
Further to this, a DA has been lodged to demolish existing structures behind the Parkview and Great Northern, which are only a few doors apart on Gordon Street through the heart of town. Both premises stand to benefit from the proposed introduction of a parking lot for around 30 vehicles.
The Parkview recently underwent a significant refurbishment, bringing the renovated Mill bistro, a kids’ play area, and attractive new bar and gaming areas.
Hedley’s new group, Far North Hotels company, also owns the Red Beret Hotel at Redlynch, 15 kilometres west of Cairns.
PubTIC was unable to make contact prior to publication.
