Taphouse Group expects over $100M for two Port Macquarie pubs

The Taphouse Hotel Group is hoping to fetch over a $100 million for two venues that are being sold separately.

The Port Macquarie Hotel and Tacking Point Tavern generate around $25 million in annual revenue. 

The Tacking Point Tavern recently had a $10 million refurbishment and the Port Macquarie Hotel a $3.5 million dollar refurbishment, which according to the agent is a “considerable attraction to prospective purchasers”. 

Andrew Jolliffe, HTL Property managing director, said there weren’t many hotels around Australia like the two Port Macquarie hotels on the market. 

“When combined with the unparalleled pace at which the North Coast region is growing both economically and in terms of its population base, the opportunity to acquire scale is so incredibly rare,” Jolliffe said. 

The Port Macquarie Hotel located in the heart of Port Macquarie’s CBD and Tacking Point Tavern within the beachside suburb of Lighthouse Beach occupy prominent commercial footprints adjacent to major shopping centres.

“Both pubs enjoy the benefit of multiple revenue streams, each operate with 30 gaming machines and in the case of the Port Macquarie Hotel, a historically strong accommodation business,” said HTL Property national director Dan Dragicevich. 

“The other critical attraction is the underwritten strength of Port Macquarie, whereby a local government area with more than 87,000 people is serviced by only eight hotels.” 

With nothing to be done to the two pubs and with the tourism dollar now growing and residential growth exploding, Joliffe said, “the value proposition is as magnetic as we’ve seen”. 

Irit Jackson, 27^th April 2022