Two of Karratha’s largest pub and retail liquor venues have been listed for sale amid strengthening economic conditions in Western Australia’s Pilbara region.
CBRE Hotels’ Ryan McGinnity and Chloe Mason have been appointed to market the Tambrey Tavern and Karratha Tavern – popular venues, which generate a combined annual turnover of $21 million.
Located at 27 Bond Place, Pegs Creek, Karratha Tavern comprises two bars, restaurant, retail bottle shop and 29 motel rooms. Positioned on a 3,320sqm site, the venue generates an annual income of approximately $5.6 million.
The Tambrey Tavern, situated on a 2.59Ha site on Tambrey Drive in Nickol, has been developed over two titles and currently achieves an annual turnover of $15 million, with a large portion of trading coming from the 850sqm retail liquor superstore.
Boasting a tavern, bistro and function centre, the Tambrey Tavern also offers scope for additional residential or commercial development.
Mr McGinnity said the two well-known venues benefitted from regular patronage, underpinned by the region’s growing population and strong FIFO workforce.
“With a combined turnover of over $400,000 per week, the Tambrey Tavern at $300,000 and the Karratha Tavern at $100,000, these are extremely profitable venues. Sustaining such high turnover and profitability through the worst of the mining downturn is incredible and we believe the real upside for these venues is yet to come,” Mr McGinnity said.
With residential population growth a key focus of council and State Government in regional towns such as Karratha, CBRE’s Chloe Mason said the two venues were well positioned to benefit from the anticipated growing population.
“It is unlikely Karratha will see any new large scale liquor licenses approved in the near future, so we anticipate these two businesses to be keenly sort after by local publicans, national owner operator or listed groups,” Ms Mason added.
“Significant investment in Karratha’s facilities and infrastructure is helping position it as complete and liveable city, which will further aid opportunities for local businesses.”
Mr McGinnity said the sale came amid renewed confidence in the Pilbara’s mining industry, with Woodside recently committing $55 million to refurbishing its residential accommodation for permanent residents and families.
“These recently announced refurbishments, as well as the development of a potential new FIFO camp, will further help boost local employment in the area, as well as helping to grow the region’s FIFO workforce,” Mr McGinnity said.
“With this level of commitment to Karratha from companies such as Woodside, local businesses are expected to reap the benefits.”
The properties are being offered for sale via Offers to Purchase on a Walk In Walk Out basis either independently or jointly. Offers close Thursday 26th October.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.