The Freehold Going Concern opportunity of Port Melbourne’s iconic hospitality venue, Ciao Cielo, will be offered to the market via Expressions of Interest, combining a premium opportunity for either investor or operator as Melbourne’s hospitality industry re-opens.

JLL has been exclusively appointed to market the venue, housed in the former Port Melbourne Court House. The sale campaign will be led by JLL Hotels & Hospitality’s Vice President, Will Connolly along with Associate, Nick MacFie and JLL Capital Market’s MingXuan Li.

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The property occupies a prominent 584sqm corner site in the heart of Bay Street’s commercial & retail precinct, within minutes to the Melbourne CBD and walking distance to Port Melbourne Beach. After a $1.5 million restoration, the 1860s heritage-listed building has been transformed into a striking dining destination featuring a restaurant & bar, two private dining rooms, casual eatery and a large marquee-covered beer garden.

“With record low interest rates for the foreseeable future, 115 Bay Street comes to the market at a point where Victoria’s lockdown restrictions continue to ease and a renewed sense of positivity is starting to permeate through our market. These conditions should see properties such as 115 Bay Street attract strong interest, offering a beautifully restored property with no capex required in the near term as well as a high profile and well established hospitality business to further capitalise on,” said Mr Connolly.

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Owner & operator Kate Dickens explained, “We have built the business from scratch and have been blessed to have restored what is one of Melbourne’s most beautiful buildings so it will certainly be sad to see it go. We are convinced that the timing is right given Melbourne is now commencing its own ‘re-opening’. It will provide an incoming operator the chance to take the reins in early 2021 when 2020 will be but a distant memory”.

Mr MacFie added, “Like any market, momentum is important, with our team having just transacted the Wayside Inn, South Melbourne as well as having another iconic Bayside pub transaction to announce in the coming days, this now proves that purchasers are showing renewed confidence within the sector”.

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With Mr Connolly concluding, “Assets like this in prime inner city locations such as Bay Street Port Melbourne, will only continue this momentum and provide yet another opportunity to a bevy of purchasers that are showing genuine intent”.

Expressions of Interest close on Thursday 26 November at 4:00pm (AEDT).

For more information contact JLL Hotels & Hospitality’s Will Connolly and Nick MacFie, and JLL Capital Market’s MingXuan Li via the contact form below. 

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