This ASX small cap is building a new pub in WA’s port city Fremantle
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Gage Roads Brewing (ASX:GRB) now has an excuse to make even more beer. The McGowan government just gave it the right to operate the A Shed on Fremantle Harbour’s Victoria Quay.
The move is part of a broader plan to revitalise the Victoria Quay and Fremantle precincts. A steering group was bought together in February 2019, and in October the government sought expressions of interests to develop the heritage-listed “A Shed”.
At the time, the government told shareholders it was ideal for the development of a tourist and leisure-oriented venture.
Today, the government announced Gage had won the tender and said this would develop the precinct into a world class tourist destination.
“In a challenging economic period, this is a major demonstration of confidence by a key player in the WA hospitality industry, that will generate jobs in both the construction and operational phases,” Premier Mark McGowan said.
Gage Roads, named after the strait between Freo and Rottnest Island, said the A Shed would become the company’s new “spiritual home”.
It will be renovated into a large hospitality venue that will include a brewery, restaurant, bar and alfresco areas.
“It’s a special place for all of us and it inspired our brewery,” chief operating officer Aaron Henry said.
“Now we’re proudly taking the next step and are excited to bring our spiritual home to life, overlooking the stretch of water that started it all.”
The venue doors are anticipated to open in the summer of 2022 and development costs will be between $6m and $10m.
Subject to due diligence, construction will begin in March 2021. Gage Roads is exploring its fundraising options but does not anticipate a capital raise will be required.