This article is from the Australian Property Journal archive
TWO Karratha pubs with a combined annual turnover of $21 million have been listed for sale, as Western Australia’s Pilbara region moves into a recovery phase from the mining downturn.
The Tambrey Tavern and Karratha Tavern are being offered for sale via offers to purchase on a walk in walk out basis individually or in one line closing Thursday, October 26th.
Positioned on a 2.59-hectare site at Tambrey Drive in Nickol, the Tambrey Tavern covers two titles and registers an annual turnover of $15 million, boosted by its 850 sqm retail liquor store.
The site also offers residential or commercial development potential.
The Karratha Tavern, at 27 Bond Place, Pegs Creek, has two bars, restaurant, retail liquor store and 29 motel rooms over a 3,320 sqm site, and has an annual income of around $5.6 million annually.
CBRE’s Ryan McGinnity and Chloe Mason are marketing the properties on a walk in walk out basis individually or in one line via offers to purchase closing Thursday, October 26th.
Mason said the two venues were well positioned to benefit from the anticipated growing population, with residential population growth a key focus of council and State Government in regional towns such as Karratha.
“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 sought after by local publicans, national owner operators or listed groups,” Mason said.
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,” he said.
Australian Property Journal
