Karratha pub hits the market as confidence grows
One of the Northwest’s largest pub and retail liquor outlets, the Tambrey Tavern in Nickol, is back on the market amidst growing market confidence.
04 Sep 2019
CBRE Hotels’ Ryan McGinnity and Chloe Mason have been appointed to market the venue, which generated in excess of $13 million in annual turnover last financial year, on behalf of McGrathNicol, Receivers and Managers appointed.
Mr McGinnity said that uncertainty surrounding Liquor Licence restrictions at the time of a 2017 campaign meant Pilbara operators were facing an uncertain trading future.
These included proposed blanket reforms for the Pilbara that would stop packaged liquor sales on Sundays and place a limit on takeaway alcohol sales at all other times.
“As the proposed restrictions are now ceased within certain venues and localities, liquor owners and operators are able to confidently invest in Northwest towns such as Karratha,” Mr McGinnity added.
Situated on a 2.59ha site on Tambrey Drive, the Tambrey Tavern has been developed over two adjoining titles and currently achieves an annual turnover of over $13 million, with a large portion of trading coming from the 850sqm retail liquor superstore.
Ms Mason noted that the well-known venue’s trading and future growth would be underpinned by the region’s permanent population, over 23,000, and its increasing FIFO workforce.
“The recent announcements around the Perdaman Chemicals and Fertilisers ammonia/urea plant in Karratha and the second stage of Chevron’s Gorgon project, which have a combined development spend in excess of $10 billion, are set to bring thousands of new jobs to the Karratha area,” Ms Mason said.
“Currently turning over in excess of $350,000 a month through the pub and over $700,000 through the bottle shop, the Tambrey is already comparable with some of WA’s largest venues and offers huge upside potential.”
Boasting a tavern, bistro and function centre, the Tambrey Tavern also offers scope for additional residential or commercial development.
Mr McGinnity added that the recent sale of the Karratha Tavern, as well as strong interest in the Seasons Hotel in Newman, had highlighted a renewed confidence in the Northwest sector.
“With the iron ore price at or around $100 a tonne, gold prices at all-time highs and the Northwest Shelf project accounting for one third of Australia’s oil and gas production, major regional towns, such as Karratha, Port Hedland and Newman, will become the focus of investor attention as the economy continues to rebound,” Mr McGinnity said.
The Tambrey is being offered for sale via Offers to Purchase on a Walk-In-Walk-Out basis, closing Friday 4 October 2019.For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.