Good Drinks, owner of Gage Roads Brew Co., has announced a new venue for its Matso’s brand in Queensland as part of its east coast growth strategy.
The drinks company told the ASX this morning that it has agreed to buy Joe’s Waterhole in the Sunshine Coast town of Eumundi, currently home to Lion’s Eumundi Brewery.
Good Drinks bought the Sunshine Coast business, located across from the well-known Eumundi Markets, for $5.3 million, covering the purchase of the business and property. It will be debt-funded through the group’s $12.5 million venue finance facility.
It will trade as Joe’s and redevelop the site as a Matso’s venue and brewery after the upcoming summer, said chief operating officer Aaron Heary.
“Matso’s was born in Broome, but it’s a brand that resonates strongly across the country, particularly in Queensland.
“The redevelopment will include a facelift and installation of a fully functioning brewery that can produce the entire suite of products that Matso’s has become famous for.”
The development is subject to regulatory approvals and community feedback.
Matso’s announcement marks the latest milestone in Good Drink’s venue strategy, following the launch of Atomic Beer Project in Sydney one year ago and its major new Gage Roads Brew Co. site in Fremantle, which is set to launch next year.
Good Drinks’ plans bring the company head-to-head with brewing giant Lion, which operates the Eumundi Brewery at the nearby Eumundi Imperial Hotel. Lion operates the brewery in partnership with the hotel owners.
While a popular tourist destination due to the Eumundi Markets, the township is small and local trade peaks to coincide the Wednesday and Saturday market days.
The Good Drinks venture will also face competition with the family-owned operators behind the large Sandstone Point and Eatons Hill taverns recently winning approval for a new hotel and cellar door development at nearby Doonan.
The developers said the Doonan venue would take inspiration from The Grounds of Alexandria in Sydney and The Farm at Byron Bay.