Gage Roads Brewing is pleased to announce that it has secured the rights to lease the iconic A Shed on Victoria Quay at Fremantle Harbour in Western Australia. The location will be used to develop a significant hospitality and brewery venue and will also become the spiritual home for Gage Roads.
The family-friendly venue is set to include a working brewery, restaurant, bar and al-fresco area, incorporating a children’s play area, themed to the site’s nautical history. The venue will promote Gage Roads’ brands in an emerging tourism precinct to locals and visitors alike.
Since commencing brewing operations in 2004, Gage Roads Brewing Co Limited has been at the forefront of the thriving craft beer industry, producing some of Australia’s most popular beer and cider brands including Alby, Atomic Beer Project, Hello Sunshine, Matso’s Broome Brewery and the Gage Roads range of craft beers.
Gage Roads’ Chief Operating Officer, Aaron Heary said the team is honoured to secure its first WA venue at the historic Victoria Quay site, helping to shape the next phase of development for Fremantle and the precinct.
“Fremantle and Victoria Quay is a place Gage Roads is closely connected to. Our name “Gage Roads” comes from the stretch of ocean that separates Rottnest and Fremantle off the WA coast. It’s a special place for all of us and it inspired our brewery. 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.”
West Australian Premier Hon. Mark McGowan MLA commented:
“The redevelopment of A Shed delivers on our election commitment to bring high-value uses to the precinct and develop it as a world class tourist destination.
“Right alongside the existing spectacular WA Maritime Museum, with an incredible harbour vista, this will become a highly-popular destination for both Western Australians and tourists.
Commercials:
The agreement to lease secures the Company’s right to lease the A Shed during the design and due diligence phase of the proposal and the site. The underlying long-term lease, favourable incentives and its iconic location are aligned with the Company’s venue strategy and underpin a strong commercial case to develop the property.
The agreement to lease is subject to conditions precedent, including due diligence to the Company’s satisfaction, regulatory and other development approvals. The Company expects to conclude its due diligence and other conditions by December 2020.
Initial estimates indicate the development costs will fall between $6m and $10m. Funds are not expected to be required until March 2021 and the Company is investigating funding options that include operating cashflows, debt finance facilities and off-balance sheet structures. Additional equity funds are not expected to be required to undertake this project.
Provided that due diligence is satisfactory and other conditions precedent are met, the Company will enter into the lease and commence construction with a view to opening the venue doors in summer 2022.
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