Hotel veteran Ashton Waugh has expanded his cache of regional stalwarts with the purchase of Joe Maguire’s Tavern in Tamworth.
The pub occupies a big 3,500sqm lot on main road Peel Street, incorporating a large bistro and commercial kitchen, beer garden, gaming with seven EGMs, a large function space and 10 pub-style accommodation rooms.
Joe Maguire’s (JMT) has been in the hands of the Cannon family since 2004, who have been in hotels for the past 45 years.
A syndicate led by Ashton Waugh approached the family through HTL Property’s Xavier Plunkett, negotiating a sale price sources suggest was circa $2.5 million.
Waugh’s Watering Hole Hotels already counts the Tudor Hotel in Tamworth in its portfolio of regional assets, and on the back of successes at the Tudor the partners were looking to strategically increase their holdings and footprint in the town.
“We will look to trade the hotel and expand the business,” says Ashton.
JMT is the closest licensed premise to the expansive Northern Tamworth growth corridor, slated for 15,000 new occupants in coming years as part of Tamworth City’s plan for 100,000 residents.
Immediate plans for the Tavern are still in discussion, but Waugh says “high on the list” is an updated menu, creation of a family-friendly environment including children’s playground, and the obligatory live country music.
“We will also look to maintain and expand a traditional offering for the public bar, gaming room and sports bar.
“To us, there exists obvious upside in the venue, coupled with the synergies created by our existing management structures in Tamworth.”
Entering FY21, HTL reports 23 regional and coastal transactions during FY20 amounting to $135 million, and notes the current prevalence of this type of freehold transaction.
“Despite continued transactional success, many vendors have been reluctant to formally bring property to the market via on-market campaigns and off-market transactions such as this will be prevalent in the short to medium term,” suggests Plunkett.
Great to see Joe Maguires may get it’s Country Mojo back. Always a fantastic pub with loads of potential.
We look forward to promoting JM across Australia to music fans, travellers and tourists traversing the Aussie Highways and Byways with our Love the Local Pub: Bring back the bucks to the bush campaign, using radio and print with social media stimulus.
If regional and rural pubs want to jump on board, contact me Jim at Capital Country Radio and Country Music Bulletin.