Tourist mecca the Sunset Tavern overlooking the Gulf of Carpentaria has hit the market, offering a new era for an established publican.
The Sunset is one of just two pubs in seaside Karumba, residing on a large corner 3,037sqm site boasting beach frontage and unrivalled west-facing ocean views.
It is renowned for viewing panoramic western sunsets, backed by a main bar providing TAB and Keno, bistro and Alfresco dining area and veranda, gaming room with 12 machines, beer garden and on-site bottleshop.
There is also a manager’s residence, and two minutes’ drive from the Tavern, on a separate residence, there is dedicated staff accommodation.
Karumba is a town of around 500 residents, on the banks of the Norman River, north from Normanton, approximately 2,150 kilometres north-west of Brisbane, or 800 west of Cairns.
The town is considered the portal to the Gulf’s million-dollar fishing industry, and its active port sees export of zinc, lead and live cattle, trucked in from around the state. Development and expansion are taking place at Karumba’s port and the airports at both Karumba and Normanton, further bolstering tourism appeal.
Ben Malady and three business partners have held the property for the past 16 years, overseeing it from afar as it’s operated under management. Not primarily publicans, they have no other pub assets.
The group has determined the time “has already lapsed” for them to move on, and list the asset noting the investment potential.
Industry sources indicate the Tavern could fetch sale price circa $5 million.
Commercial properties such as this are traditionally tightly held in the region, and its reported strong yielding returns will suit potential buyers embracing a “strategic and targeted” approach, say the agents.
“Whilst supported by the locals, the Sunset Tavern attracts strong visitation and patronage from travellers due to its prime location,” notes Joseph Ganim of Savills Australia, marketing the property with colleagues Leon Alaban and Taylor Morris.
“The Tavern has operated under the same management for several years, and therefore provides a non-traditional publican the ability to purchase a pub without having to know everything about operating a pub from day one,” added Alaban.
The freehold going concern of the Sunset Tavern is being sold via Expressions of Interest, closing Wednesday, 14 September.
