Changing hands for the first time in over three decades, the Thomas family have sold the imposing Greensborough Hotel in Melbourne to nationally acclaimed Signature Hospitality Group.
The large-format two-storey pub resides on a substantial 1,360sqm high-profile corner around 17 kilometres north-east of the Melbourne CBD. Established in 1864 as the Farmers Arms Hotel, the original timber pub was demolished in 1925 and replaced with what stands today, built in the inter-war Spanish Mission architectural style.
It has evolved to be an established entertainment and gaming complex in the heart of the Greensborough retail precinct, providing a public bar, a recently updated 200-seat bistro, gaming lounge with 30 machines, multiple function spaces and drive-through bottleshop.
There is also flexibility for potential future development, courtesy of its ‘Activity Centre’ zoning and proximity to major retail centre Greensborough Plaza, bolstered by transport connectivity via Greensborough Station, just 250 metres away, and direct access to the Greensborough Highway.
B&M Francis Hotels, established by the late Brian Francis, acquired the freehold and business interests of the pub in 1991 for $1.6 million. The group still owns and operates the Moe Hotel, around two hours east of Melbourne.
Brian’s daughter, Michelle Hudson, made the decision to take a break from the industry after many years and listed the asset for sale, with literature suggesting it would likely benefit from the economies of scale of a larger group.
Signature Hospitality’s portfolio includes national brands such as multiple outlets of The Sporting Globe, as well as Fridays, and in Western Australia the Varsity chain.
Reported to have paid circa $3.5 million the purchase of the Greensborough, in metropolitan Melbourne’s northern corridor, marks a strategic expansion of Signature’s national footprint.
Group CEO James Sinclair thanked the vendors and agents, expressing he was pleased to have acquired “this outstanding freehold asset” while remaining tight-lipped on how it will fit into the Signature style.
“We look forward to sharing our plans for the venue in due course,” he says.
The transaction was managed by JLL Hotels’ Will Connolly, in conjunction with CRE Brokers’ Rohan Pertzel, who relay the scarcity of this freehold opportunity in Victoria attracted a “diverse pool of registered bidders” from across the state and beyond.
“Given the size, location and operational scale of the hotel, it became abundantly clear throughout the sale process that the asset was ideally suited to a larger hospitality group with the capacity and expertise to fully realize its potential,” furthers Connolly.
“This was evidenced by the calibre of bidders we attracted, all of whom were established multi-venue operators with portfolios spanning Victoria and nationally.”
“After more than 30 years of dedicated ownership and stewardship, Signature Group emerged as the ideal purchaser, demonstrating the strategic vision to unlock the venue’s next chapter of growth and evolution,” added Pertzel.
