More than two years after being put in the hands of receivers, clarity around future licensing has brought sale of the large-format Tambrey Tavern in north-west WA.
Early 2018 both the Tambrey and Karratha Taverns in Karratha returned to market amid renewed confidence in the region, approximately 1,500 kilometres north of Perth.
The mining town was founded in the 60s and counts 16,000 residents based in the local mining industry, which has suffered in recent years. In April 2017 receivers McGrath Nicol were appointed, and have run the venues under management since.
Complicating the potential sale were proposed liquor restrictions for the region. Fortunately, in the latter half of 2019 it was ruled the new conditions would apply at nearby Port Hedland and South Hedland but not in Karratha. The decision meant the hotels’ licence conditions would not change.
This subsequently resulted in sale of the Karratha Tavern in late 2019, and now the Tambrey, completed in early January.
The Tambrey is potentially the largest venue in the region, licensed for 1,000 pax and reporting annual turnover exceeding $13 million. Its sprawling 2.59Ha block includes the tavern, bistro, function centre, an 850sqm super-sized retail liquor store, and over 13,000sqm of surplus land, zoned Tourist, making it suitable for a short-stay accommodation development.
It was marketed during the Private Treaty campaign in 2018 for $10 million, and has sold to “a local private operator” through CBRE Hotels’ Ryan McGinnity and Chloe Mason.
McGinnity suggests the sale indicates renewed confidence in the sector with “a number of buyers missing out” on the asset amid revived interest in the region.
“As the resources sector improves, CBRE expect buyers to focus on the north-west and the higher returns it offers.”
