Perth institution The Library has changed hands for the first time in 34 years, the freehold going concern fetching $4.6 million.
Entertainment Enterprises have owned the two-storey freestanding venue in Northbridge since 1983, purchasing it as Hannibal’s nightclub.
The group had a growing presence in bar and dining venues, and successful hype and a launch party boasting Elle McPherson saw 2,000 people queuing to get in and a new era begin in Perth nightlife.
Since then the venue has gone through several incarnations, currently known as The Library, with a fit-out sporting more than 11,000 books, an illuminated dancefloor and mood lighting throughout the two levels, mezzanine and private function rooms.
Northbridge has been growing courtesy of the State Government’s Perth City Link project, but Entertainment Enterprises has been shifting focus toward its other bar and restaurant venues, including the newly opened award-winning Rambla on Swan, and upcoming Varga Lounge.
The Library was sold off-market to a private investor through CBRE Hotels, who note the potential in the area for the right licensed operation.
“The opportunity to secure the freehold, business and nightclub licence within the tightly-held Northbridge precinct attracted widespread interest from nightclub owners, hospitality investors and developers,” said CBRE’s Chloe Mason.
“The new owner of The Library will only further benefit from its central position in Northbridge, which is undergoing significant urban revitalisation.”
