Australian Venue Co has continued its rebound strategy, taking Fitzroy institution Bimbo from Colonial Leisure.
The ‘Bimbo’ of Melbourne has been serving its famous low-cost pizzas and providing late-night entertainment courtesy of its 3am licence to an eclectic mix of patrons for many years.
Like all pubs in Australia, Bimbo closed in March 2020, but has not reopened.
Instead, it has undergone a thorough renovation at the hands of Colonial Leisure Group, which still holds a suite of pubs in Victoria, as well as venues in NSW, Queensland and WA.
Actively looking for further leaseholds in the right locations, AVC identified the opportunity in the favourable lease terms in an area it knows well.
“We are excited to add another cracking Fitzroy pub to our portfolio,” says AVC CEO Paul Waterson.
The transaction is reported to have been negotiated and exchanged “in a matter of days” in what is an encouraging sign for recovery of the Melbourne market. Agents JLL Hotels note a level of Q1 activity around the country not seen since 2006, and indicators that bode well for pub operators across Melbourne who may be considering divestment.
“The leasehold pub market is once again building momentum as operators start to enjoy a sense of certainty,” says JLL’s Will Connolly.
“This sale, along with our recent off-market transaction of the Grosvenor Hotel, St Kilda, provides scope for further transactional activity as the year progresses.”
