Melbourne-based Black Rhino Group has taken another run at South Australian potential, buying all three pubs in the Copper Coast town of Moonta.
Found around 160 kilometres north-west of Adelaide, Moonta is a community of over 4,000 people and one of three towns known as the Copper Coast, or ‘Little Cornwall’, in a nod to Britain’s 19th-century copper mining centre, for their shared history in copper mining.
Moonta was established in 1863, swiftly bringing the Moonta Hotel in the heart of the new township, which has ever since been steeped in mining history.
The Royal Hotel of Moonta was established soon after, in 1865, and still offers its iconic front bar, and a successful franchise restaurant Caffe Primo.
Third in the collection is the Cornwall Hotel, built 1869 and named in honour of the region’s nickname. Laying claim to the longest operating pub in town, it is also known as one of the most historic.
“I’m very excited about prospects in Moonta,” says Dave Tomsic, Black Rhino founder and CEO.
“It’s a beautiful town, with beautiful beaches, and I think we’ll do a lot there.”
Black Rhino paid an unspecified amount for the three leases, which range from 32 to 39 years.
For the next several decades the Rhino will be the keeper of Moonta’s hospitality, holding three pubs, with a total of 59 gaming machines, two food offerings, 16 accommodation rooms at Cornwall, and a massive bottleshop.
The businesses do combined weekly revenue of around $32k, indexed to grow with strategic capital expenditure.
And the Rhino hasn’t stopped yet, alluding to several more acquisitions to be announced in coming weeks, further adding to its predominantly Melbourne portfolio, and more recent SA purchases such as the Barmera Hotel Motel and O’Connell St hotel.
CBRE’s Mat George says the clean sweep by Black Rhino is another demonstration of Tomsic’s intention to actively invest in the South Australian market.
“They will spend some money on the pubs, and in true Black Rhino style the hotel businesses will certainly reap upsides from the capex and improved operations.”
