CLUBS COMPETE TO BUY JUNCTION CLUB PUB

In Property by Clyde Mooney

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The Junction Club pub has been sold by one Victorian racing club to another, heralding wins for hospitality in the north Melbourne precinct.

The Victorian Harness Racing Club, headquartered in Melton, has divested the Junction and its 80 EGMs to the Moonee Valley Racing Club, operator of the Cox Plate, with its “significant plans” for developing its facilities.

MVRC paid over $3 million for the pub, well positioned near the bustling Puckle Street retail strip and public transport, Melbourne CBD just six kilometres south.

The pub was recently renovated and upgraded, and boasts a large sports bar, TAB and bistro.

The sale was negotiated by CBRE Hotels’ Victorian specialists, Scott Callow and Will Connolly, who note the market’s current disposition to the area.

“There has been a significant amount of interest and new development in the area, due to its close proximity to Melbourne’s CBD,” relayed Callow.

“Several high-profile clubs competed for the acquisition of the business, which is a rare offering in the current market.”