Local hotelier Simon Paterson is putting up the development opportunity of and around his high-performing pub, in booming Blacktown.
The Town Tavern of Blacktown is a strong suburban business, listed in the Top100 of the Liquor & Gaming hierarchy of NSW pubs.
Leveraging his lease on the Tavern, Paterson engineered options to purchase eight adjacent sites, the sale of which settled in December.
“I’ve been in the existing Town Tavern since November 2010,” says Paterson.
“It took over five years to get land acquisitions etc, but we are now live with Blacktown.”
He now holds the 1,592sqm site, zoned B4 – Mixed Use, and has secured approval of his Development Application.
The DA involves demolition of existing buildings, and construction of a 15-storey mixed-use structure comprising a ground level pub, first-floor function centre, and 13 residential levels, counting 139 apartments, plus five levels of basement car-parking.
Street level would accommodate the new Town Tavern Hotel, and its 30 gaming machines.
Paterson is hoping to either sell the entire proposition, or to retain a freehold strata title or long leaseback on the pub.
“I’m open to all options,” he says.
“I have had great help from [HTL’s] Andrew Jolliffe, for his pubs perspective, but this was to be listed as mainly a development site.”
Jordan McConnell of Colliers International sold Paterson the Blacktown sites, and is managing the international sales process with colleague Matthew Meynell, who also has history with the vendor.
Marketing literature points to sale of a development site, with annual gross income potential around $500k, likely to incorporate agreement on the pub operation.
McConnell says they have been fielding enquiries from established publicans and high-profile private entities, drawn to its range of potential.
“With record levels of infrastructure and investment taking place in the Blacktown CBD we are receiving interest from multiple prominent development groups, who will look to deliver the approved scheme.”
The development project of Blacktown’s Town Tavern is to be sold through International Expressions of Interest, closing Tuesday, 29 March.
