The picturesque and award-winning The Breakwater is for sale, as the long-serving Reid family decide it may be time to do something different.
The Breakwater is a Perth institution, located literally atop the idyllic Hillarys Boat Harbour, which sees a stunning 4.5 million visitors annually.
It opened 25 years ago, and was operated by family patriarch Ken Reid until his passing around a decade ago. Shortly after, the venue moved a short distance to become anchor tenant of the Harbour marina.
The two-level venue offers the Lower Deck Bar, which spills out onto the boardwalk. Upstairs is the more intimate Reid’s lounge, Ishka Restaurant, and Akoya Suite function space, offering Harbour views and west-facing sunsets over the water.
It generates over $10 million in annual revenue, driven by its well-patronised food and beverage offers, licensed to hold 1,391 pax. It is around ten years into a new lease on the marina, with a recently capped gross rental agreement and 35 years’ remaining for the incoming tenant.
The Breakwater was one of the big players at the 2017 AHA WA Awards for Excellence, picking up wins for Best RSA Venue and Best Conference and Functions, and finalist for another four nominations.
“The Breakwater really is one of those iconic venues in Perth, and unrepeatable in terms of its location on the water,” states Ryan McGinnity, marketing the pub with colleague Chloe Mason.
“And having been the Breakwater 25 years, it’s really well known.”
Hillarys Boat Harbour is in Perth’s north-west, around 30 minutes’ drive from the CBD. Surrounding coastal suburbs have experienced a growing population and demographic.
The Breakwater is the only tavern on the marina, with few competitors in the wider area.
Being offered for the first time in a quarter century, the opportunity may see a valuation reflecting a multiple higher than the historic Perth average for a leasehold, likely upwards of five times EBITDA.
The Breakwater is being sold via Offers to Purchase, closing Friday 1 June.
