As the Western Australian government continues its push for greater focus on tourism and service industries, the big-trading Byford Tavern in Perth has come to market.
Located on a generous 4,313sqm block on the South Western Highway in Perth’s growing south-eastern corridor, the large-format operation incorporates a large bistro and alfresco area, sports bar, drive-through bottleshop, TAB and plenty of parking.
The former premise was destroyed by fire in 2011. It was rebuilt and has been run since then by the current owner, who is ready to step back from the demanding commitment of hospitality operations.
The Tavern reports annual revenue around $6 million and sources suggest this is likely around the sale price it will achieve, which would represent a yield approaching 14 per cent.
Approximately 50 kilometres south of the Perth CBD, Byford is the subject of large residential subdivision, with major projects by developers such as Cedar Woods destined to bring large numbers of families into the area.
The region is expected to benefit from further Government investment in infrastructure, such as did The Library, transacting recently for $4.6m.
The asset is being brought to market by CBRE Hotels’ Ryan McGinnity and Chloe Mason, who note its potential to take advantage of the future growth.
“This modern tavern currently turns over in excess of $100,000 per week,” states McGinnity.
“Given its fantastic exposure on the corner of the Highway and Abernethy Road, the venue will continue to achieve strong revenue as a focal point of this growing suburb.”
The Byford Tavern is being offered for sale via Offers to Purchase on a Walk In Walk Out basis, closing Friday 22 September.