Glenn Piper led syndicate buys historic northern NSW pub
Glenn Piper is buying the freehold going concern for Tweed shire’s oldest pub on behalf of a syndicate to be owned by a trust now calling for wholesale and accredited investors.
The c1887 Tumbulgum Tavern or the ‘Tumby Pub’ – inland c20 kilometres from Coolangatta and triple that to Byron Bay – is costing $7 million.
The owner-operator vendor, the Stratis family, bought it in 2015 on a weekend drive – its first to the town.
The property, with business, was also for public sale in early 2024 seeking $10m.
Mr Piper is planning a staged renovation and extension “elevating service” and “refining the offering”.
Tumbulgum, where the Rous and Tweed rivers meet, also a gateway to several national parks, has a permanent population of nearly 450.
Business to diversify
Unitholders within the Tumbulgum Tavern Unity Trust, which invests in the entity buying the real estate and business – Tumbulgum Syndicate Pty Ltd – will share in pub profits.
On 2864 square metres at 126-132 Riverside Drive, developed as the Metropolitan Hotel, with views of Mount Warning and the Tweed River, it contains 950 sqm with a bar, bistro, kid’s play area, staff accommodation quarter, commercial kitchen, gaming room with 10 electronic gambling machines – and parking.
The revamp will utilise a drive thru-bottle shop and add guest accommodation and function rooms, diversifying the revenue stream.
“The improvements for the investment property will occur in a staged manner, starting with cosmetic improvements to the pub, bistro and beer garden area and activating the currently unused bottle shop,” a representative for the buyer said in documentation calling for investors.
“Once the initial improvements are complete, the syndicate intends to expand the capacity of the property via the use of the first floor wraparound balcony and introduce new revenue generating divisions to the business by adding functions and accommodation,” they added.
“The objective of the fund is to provide investors with income by way of distributions to be paid from the pub’s profit and deliver capital growth by way of an increase in value to the investment property,” according to the spokesperson.
Ms Harrison was represented by Ray White Commercial Burleigh’s Ryan Langham and Travis Rayner.
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