The freehold interest of one of Melbourne’s most iconic pubs will be offered to the market for the first time in over 20 years.

JLL Hotels & Hospitality Group, in conjunction with Kay & Burton, have been exclusively appointed to sell Lamaro’s Hotel, located at 273-279 Cecil Street, South Melbourne. The sale campaign will be led by JLL’s Will Connolly, along with Gerald Delany, Chairman of Kay & Burton, and offered to the market via a national Expressions of Interest process.

Also offered for sale are three luxuriously appointed residential apartments, purposely built across the first and top floors of the property, presenting a multi-faceted investment to the market for an iconic ‘trophy’ asset along with an opportunity to invest or occupy in one of Melbourne’s ‘blue chip’ residential locations. 

The hotel lease offers unrivalled security to investors by way of a 10-year initial term, with a further 10-year option and income growth via 4% annual increases, as well as the rare opportunity to ‘value add’ with the residential apartments poised to either lease for additional rental income or occupy.  

Will Connolly, JLL’s Senior Vice President, Hotel Investment Sales, anticipates Lamaro’s Hotel will demand a slew of interest stating, “Buyer demand in Melbourne’s hotel investment market is thankfully showing no sign of slowing down. An icon like Lamaro’s Hotel comes to market perfectly poised, at a time where demand currently outweighs supply. Competitive tension amongst buyers for Lamaro’s is certain to reach boiling point, given the asset is priced within a range that is achievable to a wider pool of market in comparison to similar properties currently in the market-place.’

The stage is perfectly set to present an iconic hotel in one of Melbourne’s most desired investment locales, to one of the most sought-after investment classes”.

Boasting a prominent 509sqm corner position in one of South Melbourne’s prestigious residential pockets, Lamaro’s Hotel is conveniently located within minutes to the Melbourne CBD and Crown Casino, and a short walk to Albert Park Lake. Occupying the ground floor, the hotel features a spacious bistro, character-filled public bar, commercial kitchen and two distinct function spaces. The hotel is operated successfully by lessee and prominent hotelier, Paul Dimattina, who has been at the helm for several years, with many a Melburnian regarding Lamaro’s as the destination for either corporate lunches, special occasions or ‘a quick stop at the bar after work’. 

The three residential apartments occupy the first and top floors of the property. The high-end dwellings are beautifully appointed throughout and feature open plan living and modern amenities, with the top floor apartment boasting incredible views of the Melbourne CBD and Albert Park’s lakeside precinct.

Gerald Delany, Chairman of Kay & Burton commenting “this is a truly ‘one-only’ opportunity to secure a mixed-use trophy investment, incorporating three high-end apartments and hotel in arguably, one of Melbourne’s most prestigious residential positions.”

Long-term owner, Pam Lamaro, who by namesake first operated and began the Lamaro’s legacy over 20 years ago, as well as design and implement the addition of the residential apartments, suggests that although the sale may be an emotional exit for the family, the timing is right, “Our journey at the hotel has certainly been a rewarding one, with Lamaro’s now being a quintessential part of Melbourne’s revered pub culture, I feel so grateful that it has turned into the institution it now is. I do feel though that the time now is right, given the activity we’ve witnessed within the market, to offer our wonderful property for sale. We look forward to the next owner of our beloved asset commencing their own journey in this incredible industry’.

The Freehold Interest in Lamaro’s Hotel & Apartments is available via Expressions of Interest closing Thursday 10 November at 5pm.

For more information contact the agents via the contact form below.

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