Region. Pubs sold at a discount

The debt-stricken pub property trust, Redcape, formerly Hedley Leisure and Gaming, has sold two properties in Western Sydney, in the past three months, for less than cost price. The Cabramatta Club Hotel sold for $21.5 million, 22 per cent below its cost price, and the Mount Druitt Cedars Tavern sold for $12 million, $1.4 million less than cost price. The pubs were part of a portfolio of six properties in NSW and Queensland sold at a 20 per cent discount to their cost price, as part of a move to reduce the trust’s debts.