Newcastle’s Shaft Tavern snapped up by Iris
Iris has acquired the Shaft Tavern in Newcastle for an estimated $12 million from hospitality duo Reg Mawhinney and Geoff Byrne, who have owned it for 15 years.
Set on a 6,720sqm block, the Shaft features a large public bar, bistro and drive-through bottleshop. It also holds approval for the construction of 16 motel-style rooms on the site.
The acquisition furthers Iris’ major investment in the region, after its recent $30 million acquisition of the Rogers’ portfolio.
Iris intends to carry out a door-to-door refurbishment, including construction of the already approved accommodation.
Iris CEO Sam Arnaout said Newcastle was changing, with the venue aiming to capitalise on the young families nearby, “not just the tradies”.
“It’s in need of TLC,” he said. “This is, I would say, a unique opportunity to acquire something where we could apply the Iris touch, and take advantage of its strong location in an area that’s crying out for the kind of offering that we’ll bring to the table.”
Sheridan Randall, 29th November 2018
