A rare freehold going concern has hit the market in Melbourne, with long-term owners the Francis family listing the land and operation of the Greensborough Hotel for the first time in over 30 years.
Originally known as the Farmers Arms Hotel, built 1864, the timber pub was demolished in 1925 and rebuilt in the inter-war Spanish Mission architectural style, creating the Greensborough.
Having enjoyed recent refurbishments, the Hotel features multiple trading zones, providing a public bar, a recently updated bistro seating 200, gaming lounge with 30 machines, multiple function spaces and a drive-through bottleshop.
It resides on a substantial, 1,360sqm corner lot in the heart of the retail precinct, notably Greensborough Plaza, around 17 kilometres north-east of the Melbourne CBD, proximate to abundant parking in several council facilities.
Zoned ‘Activity Centre’, with good access to the Greensborough Highway, the high-profile site hints at future development potential.
B&M Francis Hotels, established by the late Brian Francis, has owned the pub since 1991. The group also owns and operates the Moe Hotel, around two hours east of Melbourne.
Holding the keys at the Greensborough is Brian’s daughter, Michelle Hudson, who after many years is looking to take a break from the industry.
It is increasingly uncommon for large gaming operations to be held by a single operator, and seeing the desirability of freehold going concerns the family has opted to offer up the asset, which would likely benefit from the economies of scale of a larger group.
The hotel is being offered via Expressions of Interest, closing Wednesday, 17 September, through JLL Hotels’ Will Connolly, in conjunction with CRE Brokers’ Rohan Pertzel and Dan Ryan.
“Gaming hotel assets providing both freehold and business interests within Metropolitan Melbourne have become exceptionally rare, with assets of this nature typically being tightly held,” notes Connolly.
