The recent surge in Melbourne’s hotel and hospitality market looks set to continue on its course, with the freehold interest in Richmond’s National Hotel offered to market for the first time in over half a century.

The prominent corner asset, located at 340-344 Victoria Street, Richmond, is being offered exclusively for sale by JLL Hotels & Hospitality Group’s Lachlan Persley and Will Connolly via national Expressions of Interest.

Located in the heart of one of Melbourne’s busiest throughfares, the asset offers a premium land-banking opportunity, covering 600sqm with over 50m of dual street frontage.

Zoned Commercial 1, the asset is underpinned by no heritage overlay, providing a rare advantage over other properties of this nature. Subject to a lease to long-term, multi-venue operators, the venue presents minimal CAPEX requirements to its existing improvements, with major refurbishments and upgrades completed by the current tenants over the course of their tenure.

Lachlan Persley, Executive, comments “With such a sought-after location, flexible land-holding and a price point reflecting a low barrier of entry, we expect a strong amount of interest for the asset, reflecting diverse motivations to owning it. Richmond is often coined as the ‘beating heart’ of Melbourne’s revered hospitality landscape, with assets of this nature, often privately owned across generations, the 50-year ownership of the National Hotel provides no better example of the reverence held towards these landmark assets”.

Richmond and the surrounding suburbs have undergone significant transformation and development in recent years which has brought an enormous amount of life and vibrancy to the area. Revered as a sought-after commercial and lifestyle suburb, Richmond offers an abundance of amenities for residents, workers and visitors alike.

The National Hotel is ideally located to capture this being within minutes to Melbourne & Olympic Parks, Melbourne CBD and the Victoria Gardens major mixed-use development.

The property also benefits from its proximity to all transport nodes including North Richmond Train Station, Victoria Street bus and tram services and access to the Monash Freeway.

Will Connolly, Senior Vice President, concluding “The Melbourne hospitality market has experienced a noticeable spike in market activity across the second half of 2024, with an array of our most well-known venues presented to market, resulting in an uplift of transaction activity as the year heads towards its conclusion.

Given the compelling characteristics the National Hotel provides and the renewed sense of appetite within the sector, we anticipate ‘The Nash’ holding the ability to truly leverage this current momentum, ensuring a premium result for our long-term vendors and their cherished, family held asset”.

Expressions of Interest for the freehold interest in 340-344 Victoria Street, Richmond are being sought by Wednesday 9 October at 5pm.