The large-format Lake Macquarie Tavern in the suburbs of Lake Macquarie is being sold by industry accounting gurus Bob Warren and Paul Crosby.
Set on a big 9,000sqm lot, the Tavern was refurbished in 2015, aiming for a family-friendly destination, which includes a kids’ play area, with maze and slide and Playstation room, and Portion 31 Brasserie, with kids’ menu. There is also a gaming room, with 30 machines, and a drive-through bottleshop branded a Bottlemart.
It is located adjacent to Lake Macquarie Square in Mount Hutton – one of the key growth areas of the Lake Macquarie region, approximately 140-kilometres north of Sydney.
Long-term owners and business partners Bob Warren and Paul Crosby are also two of the names behind the hospitality-focused accounting practice Crosby Warren Sinclair, which has recently rebranded to Pitcher Partners Newcastle.
The pair are putting the Tavern to market following years of interest, bringing multiple unsolicited offers to buy, particularly over the past 12 months.
A sale price north of $30 million is expected in the current market.
It is being marketed by JLL Hotels’ Ben McDonald in conjunction with the locally-based Deane Moore, of Moore & Moore Real Estate, who note the robust trading of comparable suburban locations, compared with the larger metro LGAs.
“Based on the clear lack of direct competition and significant opportunities to enhance the trading proposition, we anticipate intense competition from buyers once the Lake Macquarie Tavern officially hits the market,” says Moore.
The freehold going concern of the Lake Macquarie Tavern is being sold via a short Expressions of Interest campaign, commencing 28 February and closing 24 March.
