Tamworth Hotel With A Country And Western Beat
Sydney Morning Herald
Wednesday August 23, 2000
An icon of Tamworth, Joe Maguire's Pub, has been placed on the market.
The hotel, which features prominently during the annual Country and Western Music Festival, is named after Joe Maguire, who built it in 1916. He operated the hotel until 1957, when his wife, and then son, took over.
It was Joe junior, a lover of country music, who put the pub on the map for the festival.
Selling agent Mr Gerry Quinlan of Manenti Quinlan and Associates said the hotel houses a public bar, manager's accommodation, games area, 13 guest rooms and an entertainment venue and has a solid trading business.
It has a traditional two-level construction on a 3,144 square metre site, with the first-level veranda fronting Peel Street.
``There is a scarcity of supply at the moment in the country and city for quality hotel investments," Mr Quinlan said. ``The pubs where the owners have a mixture of good food and entertainment as well as gaming have still got growth.
``Demand remains strong for pubs at the big end of town, but supply is low so values are rising."
Mr Richard Wynne, who owns a number of high-profile pubs, believes the sector will remain strong in the future.
``But the growth potential comes from the pubs that offer food as well as gaming," he said. ``The Government has placed a lot of restrictions on the sector, so the ones that survive will not just focus on gaming."
Mr Wynne said there was a reluctance among hotel owners to sell at the moment as opportunities to re-invest the cash in the sector were limited.
This year a number of popular pubs have changed hands, with more being owned by a smaller cache of investors.
Mr Wynne, who paid $3.5 million in April for the Victoria on the Park on the corner of Enmore and Addison roads, Marrickville recently bought the Oxford Hotel in Taylor Square. He already owns the Vegas Hotel in Kings Cross and the Dendy Theatre complex in Martin Place.
Mr Claude Laundy recently bought Mr Wynne's Agincourt Hotel in George Street for about $6.5 million and owns the Courthouse Hotel at Taylor Square.
Other recent sales included the Cooper Rd Tavern at Yagoona for $3.5 million. It was sold by Mr James Packer and Mr Theo Onisforou to Mr Arthur Laundy.
© 2000 Sydney Morning Herald
