Auction cancelled: What’s next for iconic Rocky pub?
IT won’t be auctioned now, but Rockhampton’s beloved Great Western Hotel has a sale pricetag.
Owners Colin and Vicki Bowden announced in June they were not reopening the venue and were putting it up for sale, citing COVID-19 restrictions the main reason behind the decision.
An auction of the iconic venue was originally planned for August 8 however this had to be cancelled due to social distancing requirements and travel restrictions.
A normal sale is underway with a listed price of $2.45m.
Representing the sale is Knight Frank Rockhampton’s Neale Crow, who said they had to cancel the auction to adjust to the current conditions.
“We could do phone bidding, but people want to inspect and do their due diligence when buying this sort of property,” he said.
“A lot of prospective buyers just haven’t been able to grab the flights and come in because of the current situations.”
Mr Crow has had about 15 enquires so far, with interest from within the region and interstate.
“There are lots of people who want the venue to continue on,” he said.
The Bowdens, who bought the property in 2014, want to see the hotel serve the local community and see the rodeo and barrels continue.
“They want to see it up and running again,” Mr Crow said.
Mr Crow has shown a few prospective buyers through the property, who are impressed at the size and scale of the venue.
“I have a lot of people who have been there for concerts and rodeos but haven’t looked at it from the perspective of buying it,” he said.
Having been in the real estate game for quite some time, Mr Crow said this was one of the most unique properties he had seen offered.
The venue is known as the pub with a rodeo arena inside, which is used every weekend for bull riding and transformed into a venue for concerts.
Mr Crow said the $2.45 million price tag was quite reasonable given it would cost $5 million to replace it.
Over the past five years, more than $1 million has been spent in improvements.
The industrial 2200 sqm side shed houses a full rodeo set up, grandstands and stage area.
The 12 former accommodation rooms have been converted for office/band room uses.
The main bar and restaurant are modernised with a huge beer garden.
The venue sits on a land holding of 4,421 sqm with the main hotel area taking up 1,050 sqm.
The business has an average turnover of $2.2 million per annum.
It is being sold on a walk in, walk out basis.
“The market in Rockhampton is still very good but had to adjust to conditions with COVID-19,” Mr Crow said.
“The owners will be reasonable, listen to fair offers.”
Contact Neale Crow on 0418 886 162 for enquires.