By Andrew Starke
Twelve Perth pubs in the Compass Hotel Group portfolio have been put up for sale by the WA pub group’s receivers in what has been described as ‘the most significant on-premise and retail share opportunity available’.
The listed Compass Hotel Group owns and operates hotels and bottle shops in the Perth metropolitan area but went into receivership in March after a long battle to stay afloat.
Receivers Taylor Woodings have announced that a marketing campaign for the portfolio of hotels will commence in mid-June.
The properties are:
- Albion Hotel
- Belmont Tavern
- Brighton Hotel
- Carine Glades Tavern
- Gosnells Hotel
- Greenwood Hotel
- Herdsman Lake Tavern
- Kalamunda Hotel
- Lakers Tavern
- Peel Alehouse
- Peninsula Tavern
- Princess Road Tavern
The pubs have continued to operate on a ‘business-as-usual’ basis pending the start of the expressions of interest campaign.
In particular, the Carine Glades Hotel, Greenwood Hotel and Lakers Tavern are considered mainstays of the Perth pub and tavern market.
Jones Lang LaSalle (JLL) and CB Richard Ellis (CBRE) have been appointed as joint agents for the sale.
”There is much anticipation regarding the potential to secure what is nationally recognized as the most significant on-premise and retail share opportunity available, and in the most tightly held market in the country,” said JLL national director John Musca.
CBRE senior director David Kennedy agreed and said each of the 12 properties had already attracted interest.
“Pub/tavern buyers have been starved of good hotel product over the past three years,” he said.
Taylor Woodings have confirmed that the pub group’s employees will not be impacted by the sale process.