CALLED TO THE BAR
THEY may offer charm and an enviable lifestyle but the Far North’s country pubs could also prove a solid financial investment.
The Royal Hotel in Herberton, Mt Molloy’s National Hotel and Billy Slater’s favourite hangout when he’s home, the Garradunga Hotel, are all currently up for sale.
Finn Business Sales agent Pruthesh Patel said most of the interest in regional watering holes came from southerners.
“We get quite a bit of interest for this type of business mainly from down south, people in their early to mid-50s who are looking to retire and have a quiet lifestyle but still want to keep occupied with work,” he said.
“Lifestyle is the main attraction. A very low percentage of country pubs and hotels come onto the market compared to other businesses but they give a very good return on investment due to no or very little competition.”
Mr Patel said he had “lots of interest” in the Mt Molloy pub with one offer currently being considered.
Colliers International executive Charlie Torrisi said country pubs were rarely up for public sale because they were often family-run operations passed down through generations.
“These are specialised businesses and are normally sought after by buyer groups within the industry. Target buyer groups include hotel/ motel operators, commercial property investors and developers, and business owners or operators looking for a more relaxed lifestyle,” he said.
“The attractions or opportunities of these type of facilities is normally that they have multi-income streams.”
While Mr Torrisi said it was difficult to say if they were a sound financial move, many country businesses, especially pubs, offered a comfortable income.
Yvonne and John Pearce realised a long-held dream of owning a pub when they took over Little Mulgrave’s Mountain View Hotel in October last year.
Son John, who helps his parents out at the venue, said they bought the business for the slower lifestyle it could provide them after running a construction company.