South Melbourne freehold pub offered for sale in almost half a century! Sold circa $6.25m JLL
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South Melbourne freehold pub offered for sale in almost half a century! Sold circa $6.25m JLL
The freehold of South Melbourne’s long- standing pub and local institution The Emerald Hotel sold for the first time in 48 years. The sale campaign was led by Will Connolly, Vice President - Investment Sales along with Nick MacFie, Associate - Investment Sales, and offered to the market via Expressions of Interest.
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JLL Hotels & Hospitality Group MelbourneThe freehold of South Melbourne’s long- standing pub and local institution The Emerald Hotel sold for the first time in 48 years. The sale campaign was led by Will Connolly, Vice President - Investment Sales along with Nick MacFie, Associate - Investment Sales, and offered to the market via Expressions of Interest.
The freehold of South Melbourne’s long- standing pub and local institution The Emerald Hotel sold for the first time in 48 years. The sale campaign was led by Will Connolly, Vice President - Investment Sales along with Nick MacFie, Associate - Investment Sales, and offered to the market via Expressions of Interest.JLL Hotels & Hospitality Group were exclusively appointed to sell The Emerald Hotel, located at 409-415 Clarendon Street, South Melbourne.
“It truly was a privilege in presenting to market not only an iconic Melbourne pub, but importantly representing a family of such long-term ownership. An ownership span of 48 years requires sensitivity with the heightened level of emotion that can be involved. Our team were better placed than most to recognize this, having just recently transacted another South Melbourne pub, the Wayside Inn, owned by the same family for 27 years” Said Mr. Connolly.
Setting the Melbourne pub industry alight when first presented to market, the property was offered subject to a short-term lease, underpinned by a 667sqm site with favorable Commercial 1 Zoning, resulting in interest from pub operators, investors and developers.
“The sale of the Emerald Hotel should a preview to what will be a fast paced 2021 in the Melbourne pub market. Given much of this year has been spent under harsh closure, there certainly has been a sense of ‘pent up demand’ from buyers, with capital wanting to be spent. We see this as an extremely positive outlook to a rush of market activity in Q1 2021” Mr. Connolly added.
Fielding multiple offers under a highly competitive sale campaign, the Freehold Interest was eventually sold for circa $6,025,000. The successful purchaser, Gerald Delany, chairman of Kay & Burton, has no plans for change to the hotel, noting the successful history of the venue motivated him to secure the asset.
With Nick MacFie noting: “The success of this campaign is a great example of what a well-defined sale process can achieve. Our team managed to produce a total of 7 offers upon deadline, creating a sense of competitive tension amongst buyers to produce a sale price within our target range.”
‘With our team soon to announce another transaction of a well-known hospitality asset, we’re delighted to have played a role in encouraging market activity to close out what has been an extremely challenging year for our industry”.
Long term owners, the Hart Family, now plan to exit the industry they’ve long been associated with.
“This certainly has been an emotional experience for our family and something that we have long been considering. We’re delighted with result and cannot thank the JLL Hotels & Hospitality team enough. They guided us through the process brilliantly and we’re now nextremely excited to be able to move on to the next phase of our lives.” Kevin Hart.
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