[PRESS RELEASE] Famous Canberra CBD bar and restaurant hits the market


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[PRESS RELEASE] Famous Canberra CBD bar and restaurant hits the market
[PRESS RELEASE] Famous Canberra CBD bar and restaurant hits the market

Canberra, ACT – In the midst of economic uncertainty, Wilma and The Pearl, located in Canberra’s bustling CBD, stands as a testament to resilience and adaptability. Despite the challenges posed by the ongoing economic downturn, this esteemed bar and restaurant have not only weathered the storm but have flourished, boasting a gross profit exceeding $3 million last year.

Amidst the economic landscape’s shifting tides, Wilma and The Pearl presents a unique investment opportunity for those seeking to enter or expand within the hospitality industry. Positioned at 1 Genge Street, Canberra ACT 2601, the establishment offers a premium location with unrivaled foot traffic, adjacent to upcoming luxury hotels and with ample parking.

The owner have made the decision to part ways, each pursuing separate ventures to spend more time with their young families. This change in ownership presents an exceptional opportunity for a new custodian to take the reins of this acclaimed establishment and shape its future.

With accolades including a spot on Australia’s best new restaurant list in SMH and recognition among Australia’s top 80 restaurants by Gourmet Traveler, Wilma and The Pearl boasts an impeccable fit-out with fully equipped bars on both levels. The venue features versatile function spaces, expansive outdoor areas, and seamless operations, offering a foundation for continued success.

Frank Walmsley of Auction Advantage expressed excitement about facilitating a new chapter for Wilma and The Pearl, stating, “I am pleased to facilitate a new chapter for this esteemed establishment. This investment opportunity marks the beginning of an exciting journey towards redefining Canberra’s hospitality culinary landscape.” 

“With unparalleled foot traffic, prime location, and a track record of success, Wilma and The Pearl, presents an unmatched opportunity for savvy investors looking to capitalise on Canberra’s thriving hospitality scene.” “This business already has a proven track record for profit potential, it still generated more than $3 million last year despite the threat of recession and rising cost of living pressures being placed on owners and patrons.” 

“The owners have made a decision to dissolve their partnership and move onto separate ventures, creating a prime opportunity for its next owner.”

Owner Michel Harrington reflected on the establishment’s legacy, stating, “There’s no denying the prestige held by Wilma and The Pearl. However, the real question lies in the next steps for the business.” Harrington sees potential for transformation into a vibrant late-night spot, aligning with past successes.

We’ve poured our hearts and resources into creating a stunning and upscale setting. Yet, we find ourselves at a crossroads, torn between being a traditional restaurant and a vibrant late-night spot. It’s clear: our venue is ripe for transformation into a late-night bar or nightclub, perfectly in line with our past successes. This is your opportunity to inherit a $5,000,000 fit-out at an unbeatable value.”

For savvy investors looking to capitalise on Canberra’s thriving hospitality scene, Wilma and The Pearl offers an unmatched opportunity. For more information, please contact Frank Walmsley at Auction Advantage on 0400446605.

[END] Frank Walmsley Auction Advantage Phone: 0400446605


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