A second iconic watering hole in Manly is looking for a new owner.
The 4 Pines Brewery opposite Manly wharf is looking for an investor to buy its landmark premises. The business is not for sale but the bricks and mortar are going to auction in April.
Last month at the other end of Manly’s Corso it was revealed the famous Hotel Steyne was on the market. Buyers for that heritage-listed site on the beachfront have until March 13 to put in their offers with figures of $70 million plus quoted.
The 4 Pines Brewery site in Manly is on the first floor of a modern building opposite the harbour at 43-45 East Esplanade. The microbrewery and bar has a lease until 2026 with two five-year options after that.
The Manly-based business is an Australian success story co-founded by Jaron Mitchell who came to Manly from Western Australia chasing a career in finance and accounting.
By his own account 4 Pines was born out of a father and son conversation after a surf more than a decade ago where the two men bemoaned the lack of craft beer available. 4 Pines now has outlets in Brookvale, Newport and Surry Hills.
Two years ago the craft beer business was acquired by giant Belgium brewer Anheuser-Busch InBev. The world brewer sells 28 per cent of the world’s beer and also owns Carlton and United Breweries.
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Agent Michael Gilbert, of Burgess Rawson, describes the Manly waterfront location as a ‘trophy investment’ in one of Sydney’s most desirable locations, overlooking Manly ferry terminal and leading harbourside entertainment precinct. He also described the area as a “irreplaceable tourist and nightlife destination.”
Mr Gilbert said the Manly microbrewery and restaurant was busy everyday and the net income from its premises was $213,000 per annum plus GST.
The commercial real estate, 43-45 East Esplanade, Manly goes to auction on Tuesday April 2.