CBRE Hotels’ Scott Callow and Will Connolly, negotiated the sale of the Richmond institution at 545 Church Street, on behalf of the outgoing owner, Paul Olynyk.

Mr Olynyk commented that, “Whilst it wasn’t my intention to sell, it was certainly a process made easier due to the passion shared by the purchasers towards the Royal Saxon. It’s always comforting to know that a venue you worked so hard towards establishing will be kept in good hands.”

Mr Callow added, “Many of Melbourne’s high-profile food and beverage hotels have become targeted acquisitions by parties such as the Australian Venue Company over the last few years. The Royal Saxon has resisted numerous approaches by purchasers over time, but the recent approach from an alternative, interstate hotel group saw a synergy between buyer and seller.”

With venues of this calibre being incredibly hard to come by and in area of Melbourne extremely sought after, the Royal Saxon was heavily pursued by a an already successful, interstate Hotel Group, making their first foray into Melbourne.

With an already impressive portfolio of venues in their home-state, the lucky purchasers will be continuing to seek further opportunities throughout Melbourne in 2019 as they look to expand their presence.

Mr Connolly said, “it truly was a privilege for the CBRE Hotels team to be able to help guide the sale of one of Melbourne’s most well-known venues. More importantly, it’s a sign that the leasehold Melbourne pub market is still as strong as ever with this sale no doubt acting as a catalyst for more transactions at this level to occur going into 2019.”

For any queries regarding this off-market transaction or to discuss our market in general, contact Will Connolly or Scott Callow.

See also:

Portsea Hotel opening next Monday 10th December after $7 million refurbishment by Chris Morris

Punthill Apartment Hotels announces plans for Australian network expansion with signing of Punthill Alphington Melbourne

The Leinster Arms Hotel Melbourne Collingwood pub for sale