It appears it will be easier to sell the whole pie once it’s cut into pieces.
That’s the rationale behind Ron Cheeke’s decision to list the land and buildings that make up Axe and Barrel and Brewing Company separately for sale. Cheeke had originally listed the property, businesses, equipment and assets together in a package for $5.5 million in March of this year.
“There was little interest in purchasing the whole thing,” said Cheeke, who has owned the business with his wife, Diana for the past 17 years. “There’s not a lot of people walking around with $5.5 million in their pocket.” When the original listing with Collliers International expired, he decided to list with Victoria Realty. They suggested splitting the asking price into $3.7 for the land and building, and $1.275 million for brewery, pub and all equipment and assets. “It made more sense, and there’s been a lot more activity already,” he noted.
The Axe and Barrel was born when Cheeke added a brewery and extensive renovations to the tune of $2 million in 2015 to the location formerly known as the Loghouse Pub.
Several factors played a role in the decision to take a step toward being “semi-retired,” Cheeke explained. “I just got the go ahead for an 27 home waterfront development on 17 acres on Lake Cowichan. And we want to focus more time on Liquor Planet, where my kids work, as well.”