This week it was reported that Riversdale Group, the parent company of live music venues like The Foundry and Vic On The Park, was putting its venues up for sale, leaving their future in doubt, but the company has now released a statement denying that.
In a statement to Music Feeds, the company has assured patrons and staff that they are not looking to sell any venues in Brisbane, nor Sydney’s Vic On The Park.
“The group is looking to sell one or two venues in Sydney, and the aim is to release that capital and to continue to grow,” the company says.
Riversdale Group say they are particularly passionate about what The Foundry is doing right now, writing, “Our team created The Foundry because we wanted to offer a one stop shop for the live music community in Brisbane.
“In just over a year, we have seen The Foundry become an important live music hub for Brisbane and it’s now an integral part of the city’s music community – serving as an office space for industry and a key destination venue for touring bands.”
Business “will continue as usual” at Vic In The Park and The Foundry according to the statement, and “Live music is and remains at the heart of our plan for these two venues”, Riversdale Group say.
Riversdale also owns Newtown’s Malborough Hotel and Kinselas at Taylor’s Square — two venues which are reportedly up for sale according to Fairfax Media.
Malborough Hotel is outside Sydney’s lockout zone, and has benefitted considerably from its location, while Kinselas is one of the few venues to withstand the lockout laws and remain open.
More than $500 million worth of pub real estate has changed hands in the past year, with record prices being achieved. This has informed the decision to sell the two properties, with Geoff Dixon, who owns them both with John Singleton, agreeing it is the “right time”.
Dixon says that despite the lockout laws pubs, both are still making a good turnover.
“The yields are very good for high-quality pubs, and while no sector is bullet proof, we certainly see hotels offering good cash flows, particularly those where investments to add value have been made,” he says.
Watch: The Vines – ‘Get Free’ (Live At Vic On The Park)