Tax debt swallows eatery

POPULAR Launceston eatery Hallam’s Waterfront Seafood Restaurant is on the market for the first time in 32 years as its owner seeks to pay off a tax debt of more than $600,000.

The Park St property is listed for sale by offer, with vacant possession.

Shepherd & Heap commercial real estate agent Marcus Douglas yesterday said the property, which was listed for sale on Friday, had already attracted strong interest.

“It’s certainly one out of the hat,” he said.

Mr Douglas said most of the interest had come from locals.

“They know the site, they obviously know the restaurant — it’s been a very popular and well established seafood restaurant for many years,” he said.

Mr Douglas said offers around $1.5 million would reflect the value of the site.

He said it was near a number of other new and established tourism developments.

“We have had verbal offers but nothing in writing at this point,” he said.

Mr Douglas said the sale process was open until October 23 but if a realistic offer the vendors were happy with was received before then “it will probably be accepted prior to the close of the campaign”.

Salisbury Hallam, the restaurant owner and director of Salisbury Hallam Pty Ltd appeared in the Federal Court in Hobart on September 12.

The Australian Taxation Office applied to the court to have the company wound up on the grounds of insolvency.

Documents filed with the court show the company owes the taxation office $668,488.16.

Mr Hallam told the court he had plans to sell the property, owned by his mother, and pay the company’s debt.

Hallam’s, which has been operating at 13 Park St since 1996, is rated 28th on review website TripAdvisor, out of 233 restaurants in Launceston.

Mr Douglas said most of the plant and equipment would be included in the sale and there was potential for further development on the site.

Mr Hallam’s company is expected to face court again on Thursday next week.