A picturesque pub in tourism-booming Tasmania has come to market as the Bevens feel their work is done and it’s time for someone fresh to take over.
The two-storey brick Lords Hotel in Scottsdale was founded back in 1911, and for the past three decades has been in the care of Randall and Mary Anne Beven.
Some years ago the couple leased the operation and purchased a brand new home in Launceston, around 60 kilometres south-west of Scottsdale. But the business did not work out, and the Bevens were forced to return and rescue the Hotel.
Back now for more than four years, they have built the operation back up, repaid debt and after a good summer, good financial year and a recent World Enduro event*, decided to once again make their escape.
“We’re pretty tired,” Randall admitted to PubTIC. “We find it hard to get away, and haven’t enough time for the grandkids.”
The Hotel boasts a public bar, dining room, gaming lounge with ten machines, Keno, Tote, large function room, 16 pub-style accommodation rooms, manager’s residence, guest lounge, laundry and car park, on a generous 2,674 m² block.
It also holds four new luxury units, recently constructed at a cost of $300k, that have barely begun to hit their stride. Randall reports they listed on Booking.com just a few months ago.
Since their return, Mary Anne has been doing most of the cooking for the pub, and amid an upswing in the region and increasing demand for accommodation and fine-dining, Randall suggests there is good opportunity for a more professional food offering.
“The area has picked up a lot in the past few years … the timber industry has picked up and there’s a fair bit going on,” he offers.
“We have a pretty basic sort of menu, and there is a big opening for food. It could go really well.
“It’s been a solid pub for years. It just needs someone that wants to get out of the rat race and have a crack.”
The Bevens have engaged Knight Frank Tasmania’s John Blacklow to market the asset, who notes the sale price of $1.4 million (+ stock) represents a very strong 21.7 per cent net yield, with the pub turning over around $1.2 million annually.
“The Lords Hotel is one of the best country pubs in Tasmania,” offers Blacklow. “It is heritage-listed and fully restored, and enjoys an outstanding reputation for both its food and service.”
Randall and Mary Jane Bevan are selling the freehold going concern of Lords Hotel, but will entertain options on a long-term lease to the right tenant.
*The World Enduro bike championship came to Scottsdale 8-9 April, 2017
