Fremantle Harbour’s Victoria Quay will soon become the spiritual home of Gage Roads Brewing (ASX: GRB) which has secured the iconic A Shed for a multi-discipline entertainment venue within the emerging tourism precinct.
The A Shed, which played a key role in the establishment of Fremantle as a harbour town, will be re-designed by Gage Roads as a family-friendly venue that includes a working brewery, restaurant, bar, al-fresco area and children’s playground.
“Fremantle and Victoria Quay is a place Gage Roads is closely connected to,” said Gage Roads’ Chief Operating Office, Aaron Heary.
“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.”
The site will be secured by Gage Roads under a long-term lease agreement with the company estimating initial development expenses to cost between $6-10 million. Due diligence is expected to be completed by December 2020 with construction to then commence with the view of opening the venue in December 2021.
A Shed is just one site within Victoria Quay being re-developed as part of plans to turn the harbour into a world-class hospitality hub which is already home to Little Creatures Brewing and several other restaurants.
“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,” said West Australian Premier, Mark McGowan.
“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.”
The venue’s brewery will showcase beers brewed by Gage Roads as well as provide additional opportunities for their Good Drinks distribution division which the Company is working towards establishing as Australia’s top independent alcoholic beverage supplier.
Aiding Gage Roads in the design of A Shed is the experience and insights gained from their Atomic Beer Project, a taproom build in Redfern, New South Wales which is expected to open in September.
No funds will be required for the A Shed development until March 2021 but the Company is well positioned, having raised $5.2m via an institutional Placement last month.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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