ALH has unleashed the chequebook, taking the title to Joe Irvin’s Barkly Hotel in booming Mount Isa.
The Barkly enjoys a massive 1.35-Ha site in the regional town of Mount Isa – affectionately known as the ‘oasis of the outback’ – around 1800 kilometres north-west of Brisbane.
It provides a public bar, sports bar with TAB and Keno, commercial kitchen and dining room, gaming room with 35 EGMs, beer garden, function area, drive-through bottleshop, and 44 motel rooms plus a manager’s flat. There is also a gym on the premises, leased to a third party.
The town is a major hub for northern Australian, central to the Flying Doctor, School of the Air, James Cook University and TAFE, government and administrative services, transport, and agriculture. It is also home to one of the most historically productive holes in the world – Mount Isa Mines (MIM) – producing lead, copper, silver and zinc.
Ongoing activity sees the town’s population expanding, with new suburbs being planned and developed to cater for over 40,000 people Mount Isa City Council data predicts will move into the area in the coming decades.
An unnamed national hotel group reportedly snapped up The Barkly for an undisclosed sum, from the privately-owned Irvin Hotel Group. The transaction has now settled, and Endeavour – parent company to Australian Leisure & Hospitality (ALH) – is now in control of the liquor store and premises.
Irvin engaged Savills Australia’s Leon Alaban, Tony Bargwanna and Christian Tsalikis to market the freehold going concern, enjoying diverse revenue streams including retail and a tenant.
The Hotel is in line with the kind of multi-faceted asset Endeavour and ALH are being seen to prefer, such as seen at the $45 million redevelopment of the new Forest Hotel in Sydney’s north.
“The property is adjacent to the Mount Isa mine, capturing business from locals and visitors alike,” said Alaban, Savills national director of hotels.
