The Town Tavern of Blacktown has been sold through receivers, with a new operator looking to optimise its place in the western Sydney gaming market.
A consistent Top200 venue, the Town is a prominent, high-performing venue adjacent to Blacktown train station, occupying a 308sqm tenancy within the 9-Ha Westpoint Shopping Centre, with its 260 specialty stores and anchor tenants such as Coles, Woolworths and ALDI.
The original pub was established in the 1880s as the Royal Hotel, demolished and rebuilt in 1914, and again in 1936, renamed the Robin Head. In the mid-80s the heritage-listed building was sneakily demolished in the middle of the night and replaced by the current structure.
Although a leasehold, the operator holds the liquor licence, specifying midnight close with 6am early opener approval, and the 30 EGM licences.
The Tavern currently has around 2.5 years remaining on its lease, with no options, and prior operator Simon Paterson was looking to leverage the successful operation into a new freehold. In recent years he purchased eight nearby lots and secured a DA to demolish the existing structures on the lots and build a 15-storey mixed-use development, including the relocated pub at ground level.
But in May receivers and managers Ankura were appointed on the pub and properties, putting it to market citing its efficient layout and operation and limited competition in the Blacktown CBD, in a precinct reflecting strong population growth and demand drivers.
A “highly competitive” sale campaign was conducted through HTL Property’s Andrew Jolliffe, Dan Dragicevich and Sam Handy in conjunction with Matthew Meynell and Jordan McConnell of Colliers, attracting the gamut of operators and investors, drawn to the rarity of the offering.
Agents would not be drawn on the identify of the buyer or the price paid for the operation.
“Western Sydney hospitality indexed businesses are highly sought after investment vehicles,” notes Jolliffe, “which enjoy the benefit of being attended to the largely unbridled population and infrastructure growth so apparent in this prosperous part of the city.”
