JLL Hotels & Hospitality Group is delighted to announce the off market leasehold interest sale of Bimbo, Fitzroy as Melbourne’s pub market continues its recovery.

Delivered to market exclusively via a discreet and targeted off market sale campaign on behalf of one of Australia’s largest hospitality operators, Colonial Leisure Group, the venue was negotiated and exchanged in a matter of days, in an encouraging sign for the Melbourne market, signalling a genuine desire for well-presented food & beverage venues across the city’s inner suburbs.

Positioned in the heart of bustling Brunswick Street, ‘Bimbo’ has long been a genuine Melbourne institution serving up its famous low-cost pizzas to the masses whilst providing late night entertainment to its eclectic mix of patrons over many years.

With selling agent Will Connolly, Vice President, JLL Hotels & Hospitality stating, “The speed in which this iconic venue was secured certainly is pleasing and no doubt provides encouragement to other pub operators across Melbourne who may be considering the potential divestment of their venue. The leasehold pub market is once again building momentum as operators start to enjoy a sense of certainty. This sale, along with our recent off market transaction of the Grosvenor Hotel, St Kilda, provides scope for further transactional activity as the year progresses”.

Having undergone a recent renovation throughout, Australian Venue Co identified the opportunity of acquiring a true ‘turn-key’ operation, complemented by a valuable 3am late night liquor licence and favourable lease terms.

AVC’s CEO Paul Waterson commenting, "It was a pleasure to work with Will, together with the JLL team and Colonial Leisure Group, on the acquisition of this venue. We are excited to add another cracking Fitzroy pub to our portfolio”.

This transaction continues market momentum for JLL, having over $250 million of hotel assets currently under due diligence or in final contract negotiations nationally, making it the most robust Q1 of transactional activity since 2006.

To request an analysis of this and other leasehold Hotel transactions please email the selling agent Will Connolly of JLL via the below contact form.

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