A favourite Darwin restaurant is on the market for the first time
An institution of the Territory’s dining scene has hit the market for the first time in more than 20 years. Now the owners have revealed why.
Business
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Pee Wee’s on the Point – the NT’s reigning restaurant of the year – is for sale.
It is the first time the popular restaurant has been offered to the market.
Built in 1997, Pee Wee’s has developed a national and international reputation and is generally regarded as one of Darwin’s finest dining experiences.
It was built after a consortium of Top End businessmen won a tender with the old Darwin City Council, but the venture faced challenges and current owner Simon Matthews bought them out in 2002.
After 22 years, he’s looking to sell the lease, which was renewed in 2018 after he spent $2.5m renovating the business in 2018, and still has 26 years to run.
“I think after 22 years we’re getting to that stage of our lives where it might be time to move on,” he said.
“Pee Wee’s is unique, iconic and is irreplaceable. You couldn’t find land, buy it and build it for less than $15m these days so it is an extremely rare opportunity.”
Built on 1.2 hectares of elite Darwin water frontage and listed on the NT Heritage register Pee Wee’s business focus is a ‘la carte dining, lounge and function complex.
It has an on-premise liquor license, there is room for 1000 people outside and 300 inside and is open five days a week.
The front and back-of-house staff that maintain the property and serve customers will come as part of the package.
The City of Darwin lease can be re-negotiated in perpetuity.
The restaurant’s Dry Season 2023 diary is almost full for weekend dates between now and September, and bookings have already been taken as far forward as 2025.
Pee Wee’s national profile was boosted by an appearance on MasterChef, but has also featured on cooking shows including Taste of the Territory and Inside the Box.
“It would be impossible to purchase comparable waterfront land in Darwin again with a liquor license and secure long term lease,” Mr Johnston said.
At the 2022 Gold Plate Awards in Darwin last August celebrating the NT’s restaurant industry, Pee Wee’s won its fifth best restaurant award.
For details contact Bevan Roberts from business broker Bevan Roberts on 0413872737
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