CornerStone of Perths northern suburbs hits the market
CornerStone of Perth's northern suburbs hits the market
| 9 May 2018
The CornerStone Alehouse within the Satterley-developed Brighton Estate in Perth’s northern suburbs is being offered to the market for sale.
Opening in 2011, the CornerStone Alehouse is a well-established community tavern owned and operated by the Gastevski Group.
The popular tavern, which is well-known to locals, is regularly frequented by residents within the Brighton Estate, in addition to several emerging communities, such as Butler, Alkimos, Jindalee and Two Rocks. The venue will continue to benefit from growing patronage as the surrounding population increases.
CBRE Hotels has been appointed to manage the sale campaign of the tavern, which comprises a bistro, lounge bar, courtyard and alfresco areas. The venue, approximately 1,000sqm in size, is licensed to hold 399 persons. The CornerStone Alehouse also forms part of a larger 3,144sqm landholding with additional development opportunities.
CBRE’s Ryan McGinnity said the venue represented a flexible opportunity to secure a presence in Perth’s pub market.
“This is a unique offering given the multiple selling options available to a buyer. The seller is offering a purchase of both the land and business; a leasehold sale to an incoming operator; or a freehold sale with a long-term leaseback,” Mr McGinnity said.
“The Gastevski Group currently has a number of ongoing projects as it looks to establish more venues across Perth. It is for this reason we are offering a multitude of purchasing options – enabling the incoming purchaser flexibility while also having the potential to maintain its own stake in the operation.”
CBRE’s Chloe Mason said the property’s position surrounded by several high-growth suburbs would underpin buyer interest.
“The CornerStone Alehouse is the only tavern in the immediate locality, which helps ensure strong continued patronage. As the northern beaches population base continues to grow, this venue is well-positioned for future sustained success.
Offers to Purchase close June 6, 2018.
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