The historic Cross Keys Hotel in Essendon has been taken to market, offering a robust city-fringe gaming operation in Victoria’s tightly held market.
The Cross Keys was established in 1859, after John Morgan purchased the block of land from the Crown Grantee. He went on to become the hotel’s first licensee.
It is well located, 20 minutes from the Melbourne CBD and just 15 minutes from the Airport, with major Essendon local sporting field Cross Key’s Reserve to the rear.
A well-balanced business, it provides sports bar with TAB, gaming room running 40 EGMs, large commercial kitchen and expansive bistro with children’s play area, an alfresco beer garden and onsite parking for 48 vehicles. Upstairs there are multiple function rooms, equipped with a dedicated commercial kitchen.
It also holds an active permit to create a rooftop beer garden overlooking Cross Keys Reserve, with CBD views.
Squires Hotel Group is a partnership that has operated the business for the past decade, and vendors on sale of the leasehold interest.
The operation boasts a desirable mix of balanced revenue streams and strategic location, and marketing literature notes a “turn-key opportunity” with minimal immediate capex required due to its excellent condition.
The lease is being sold via Private Treaty through JLL’s Will Connolly, in conjunction with George Iliopulos of Cropley Commercial, who note it comes to market as Victorian gaming hotel operators are “signalling a renewed appetite” for strategic acquisitions.
“Both the venue itself and working infrastructure have been maintained to a high standard, with regular refurbishments ensuring the hotel remains in excellent condition,” says Connolly.
“The Cross Keys Hotel has already attracted significant early-stage interest, contributing to the growing optimism being felt across the Victorian market.”
